Why is Hertz falling?


Why is Hertz falling? Hertz Falls Most in Year After Earnings Beat But Costs Rise plunged the most in more than a year after reporting rising costs, even as earnings for the second-quarter beat analyst estimates. Weaker car prices in the US nearly tripled the depreciation of Hertz's vehicles, to $195 a car per month.


What happened with Tesla and Hertz?

In short, the declining value of the Tesla cars in Hertz's fleet—a decline directly caused by Musk's price cuts—has hit Hertz squarely in its profits. The fact that this is happening to Hertz of all companies is ironic, as the rental agency is not just any customer of Musk.


How is Hertz doing in 2023?

Hertz produced record revenue in the quarter, reflecting ongoing strength in demand and stability in pricing. Our premium Hertz brand performed well, and we saw further growth in our rideshare business and progress in reinvigorating our value brands, said Stephen Scherr , Chair and CEO of Hertz .


Is Hertz a stable company?

The Rating Outlook is Stable. Fitch has also affirmed Hertz's senior secured term loan and senior secured revolving credit facility at 'BB'/'RR1' and senior unsecured notes at 'B'/'RR4'.


Why is Hertz stock dropping?

Shares of Hertz Global on Thursday declined after Oppenheimer cut its target price on the company's stock as it lowers its third-quarter and full-year outlook. At 12:56 pm E.T., shares were down 8.4%, at $13.82. The stock has dropped 21% in the past three months.


Does Ford own Hertz?

OVERVIEW. Recognized as a worldwide leader in rental and leasing services and products, Hertz Corporation is an indirect wholly owned subsidiary of Ford Motor Company with approximately 7,000 businesses located throughout the United States and in more than 140 other countries.