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Sixt:Quarterly Results/2023 Q3: Difference between revisions
Sixt:Quarterly Results/2023 Q3 (view source)
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* Hertz missed estimates for profit amid Tesla price cuts, rising costs of repairs, stronger resale value in the previous year, and rising depreciation costs. The company said price cuts by Tesla has lowered resale value for its EVs by about one-third and that the price of repairing an EV is now double the costs for repairing a gasoline car<ref>https://finance.yahoo.com/news/hertz-misses-profit-estimate-tesla-134859568.html</ref>. | * Hertz missed estimates for profit amid Tesla price cuts, rising costs of repairs, stronger resale value in the previous year, and rising depreciation costs. The company said price cuts by Tesla has lowered resale value for its EVs by about one-third and that the price of repairing an EV is now double the costs for repairing a gasoline car<ref>https://finance.yahoo.com/news/hertz-misses-profit-estimate-tesla-134859568.html</ref>. | ||
* The company witnessed higher incidence of EV collision and damage, which is a company-specific problem since EV market in U.S has lower incidence of EV collision compared to ICE market. | |||
* Hertz has 50,000 EVs, of which 35,000 are Tesla EVs. | * Hertz has 50,000 EVs, of which 35,000 are Tesla EVs. | ||
* "Hertz made $800 million more selling vehicles last year than it will this year," Chief Executive Officer Stephen Scherr said. | * "Hertz made $800 million more selling vehicles last year than it will this year," Chief Executive Officer Stephen Scherr said. | ||
* Depreciation cost was up year-over-year due to a decline in net vehicle disposition gains which was at elavated levels in 2022. | * Depreciation cost was up year-over-year due to a decline in net vehicle disposition gains which was at elavated levels in 2022. | ||
* Demand was strong in the quarter and pricing was above the pre-pandemic levels (stable). "We believe that various inflationary factors will continue to support tighter fleets and more elevated rates versus those historically experienced in the industry, all consistent with our ROA focus," Scherr said. They expect year-over-year declines to moderate as they move through October, as they have witnessed "ongoing strength in leisure across North America as well as Europe." | |||
* In Q4, Hertz expects depreciation to "key off the market and to fall within a range of 280 to $300 per unit with variability to be occasioned by volatility and residual values which could alter gross and net depreciation and which may cause us to adjust our fleet plans accordingly through the end of the year." | |||
{| class="wikitable" | {| class="wikitable" | ||
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!Actual<ref>https://ir.hertz.com/news-releases/news-release-details/hertz-reports-third-quarter-2023-results-revenue-27-billion-net</ref> | !Actual<ref>https://ir.hertz.com/news-releases/news-release-details/hertz-reports-third-quarter-2023-results-revenue-27-billion-net</ref> | ||
!Y/Y Growth | !Y/Y Growth | ||
!Q/Q growth | |||
!Analysts estimate<ref>https://www.investing.com/news/hertz-global-holdings-earnings-missed-by-007-revenue-fell-short-of-estimates-3209993</ref> | !Analysts estimate<ref>https://www.investing.com/news/hertz-global-holdings-earnings-missed-by-007-revenue-fell-short-of-estimates-3209993</ref> | ||
|- | |- | ||
| Line 19: | Line 23: | ||
|$2.7 billion | |$2.7 billion | ||
|8.3% | |8.3% | ||
|11% | |||
|$2.73 billion | |$2.73 billion | ||
|- | |- | ||
|Adjusted EPS | |Adjusted EPS | ||
|$0.70 | |$0.70 | ||
| | |||
| | | | ||
|$0.77 | |$0.77 | ||
|- | |- | ||
|Revenue per day | |Revenue per day (Pricing) | ||
|$62.46 | |$62.46 | ||
| -7% | | -7% | ||
|2% | |||
| | | | ||
|- | |- | ||
| Line 34: | Line 41: | ||
|83% | |83% | ||
|3% | |3% | ||
| | |||
| | | | ||
|- | |- | ||
| Line 39: | Line 47: | ||
|$282 | |$282 | ||
|52% | |52% | ||
| | |||
| | |||
|- | |||
|Transaction Days (in thousands) | |||
| colspan="1" rowspan="1" |43,095 | |||
| colspan="1" rowspan="1" |16% | |||
| | |||
| colspan="1" rowspan="1" | | |||
|- | |||
|Americas segment revenue | |||
| | |||
|6% | |||
| | |||
| | |||
|- | |||
|International segment | |||
| | |||
|17% | |||
| | |||
| | |||
|- | |||
|Americas pricing | |||
| | |||
| -8% (lapping of strong quarter) | |||
|2% | |||
| | |||
|- | |||
|International pricing | |||
| | |||
| -6% (lapping of strong quarter) | |||
|3% | |||
| | |||
|- | |||
|Americas utilization | |||
|84% | |||
|3.2% | |||
|1.6% | |||
| | |||
|- | |||
|International utilization | |||
|80% | |||
|3.3% | |||
|1.80% | |||
| | | | ||
|} | |} | ||
== References == | == References == | ||