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Hertz Chief Sees Business Travel Recovery Choking Already Strained Used Car Supply: CNBC

Benzinga · 04/29/2022 07:18
  • Hertz Global Holdings, Inc (NASDAQ:HTZ) chief Stephen Scherr saw a recovery in business travel and possibly choking the already packed supplies of rental cars, CNBC’s Jim Cramer reports.
  • However, the rebound of business travel is still in its early stages compared to leisure travel, Scherr said.
  • He saw the in-bound visitor from outside the U.S. come back when complete relaxation of some Covid limitations was in place.
  • Hertz reported better-than-expected earnings and revenue in Q1 FY22. Revenue of $1.81 billion beat the consensus of $1.76 billion. Non-GAAP EPS of $0.87 beat the consensus of $0.83.
  • During its quarterly earnings call, Hertz disclosed experiencing the impact of constraints on the supply of new vehicles and specific inflationary cost pressures and that issues with obtaining enough supply to meet demand could last into 2023.
  • Price Action: HTZ shares traded higher by 0.50% at $22.03 in the premarket on the last check Friday.
  • Photo Via Wikimedia Commons