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Hertz Global Holdings Inc. declined 4.6% to $8.62 after the vehicle rental company reported quarterly results.

Revenue in the third quarter increased 8% to $2.7 billion from $2.5 billion, net income jumped to $629 million from $577 million, and basic earnings per share increased to $2.02 from $1.62 a year ago.

Vehicle depreciation expense soared to $501 million from $294 million a year ago, after electric vehicle manufacturers lowered prices throughout 2023, resulting lower residual values and increasing depreciation expense and negatively impacting salvage cost.

Average rentable vehicles increased 12% to 562,267; vehicle utilization edged up to 83% from 80%; and transaction days jumped 16% to 43.1 million from 37.1 million.

Total revenue per day declined 7% to $62.46, and total revenue per month per vehicle fell 4% to $1,596 from $1,658 a year ago.

In the quarter, the company repurchased 3 million shares for $50 million.

27 Oct, 2023

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