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Bond Market News
Hertz’s Bonds Drop Further on Weaker Results, Management Updates
March 20, 2025
Hertz’s bonds were lower by 3-5 points across the curve, continuing its trend from prior week. Hertz reported a wider-than-expected loss for 4Q2024, with EPS at -$1.18 vs. expectations of -$0.65. Revenue was also lower at $2bn vs. expectations of $2.13bn, attributable to a significant reduction in the electric vehicle fleet. Hertz’s operational issues have seen them incur a large debt burden and a negative EBITDA of $1.01bn in the last twelve months. Moreover, the auto rental company’s Senior VP and Chief Accounting Officer, Kelly Galloway resigned recently. Scott M. Haralson, the Executive VP and CFO, will assume the additional responsibilities.
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