Hertz Global Holdings reported US$1.2 billion in fourth-quarter revenue, down from US$2.3 billion in the fourth quarter of 2019, the company announced in a Friday earnings release. The car rental company reported a quarterly net loss of US$289 million and an adjusted EBITDA loss of US$140 million, but said it continued to see sequential monthly revenue improvement from April through December 2020.
Hertz achieved cost savings of approximately US$3 billion during the year and downsized the fleet to match expected demand entering into 2021, according to the company.
Hertz has a goal of exiting bankruptcy by "mid to late summer," Hertz Global president and CEO Paul Stone in a statement. "We are making significant headway on our US Chapter 11 process," he said. "We are on track to close on the sale of our Donlen vehicle leasing and fleet management business in March 2021 and are making progress on our plan of reorganisation with the goal to emerge from Chapter 11 by mid to late summer." Hertz filed for Chapter 11 bankruptcy in May 2020.
For full-year 2020, Hertz earned US$5.3 billion in revenue, down from US$9.8 billion in 2019. Net loss amounted to US$1.7 billion and Adjusted EBITDA loss was US$995 million. Liquidity at the end of 2020 amounted to US$1.1 billion.
RELATED: Hertz Q3 Earnings