Hertz Posts Higher Revenue, Plans to Relist Amid Travel Rebound
Car-rental company Hertz Global Holdings Inc. said it plans to relist on a major stock exchange by the end of 2021 as its quarterly revenue surged amid a travel rebound.
For April through June, Hertz posted sales of $1.87 billion, growth of 62% compared with the first three months of the year. Sales remained significantly lower than pre-pandemic levels but marked a substantial recovery compared with last year’s spring quarter, when the pandemic brought much of leisure and business travel to a halt.
As vaccination campaigns helped ease the pandemic in the first half of this year, more people hit the road again. Meanwhile, automotive production challenges have squeezed all corners of the car market, raising prices for used cars and keeping rental fleets tight. For Hertz, demand has been resurgent and slim car-rental inventories industrywide boosted the company’s results, Chief Executive Paul Stone said.
“The rental-car industry was