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Hertz slides 20% as depreciating Teslas dent the bottom line [Seeking Alpha]
Last tesla, inc. earnings: 4/29 04:11 pm
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US:NASDAQ Investor Relations: ir.tesla.com
Revenue was up 1.5% year-over-year to $2.08B to top the consensus expectation by $30M, but EPS came in -$1.28 in comparison to the consensus estimate of -$0.43 and the $0.39 mark from a year ago. Notably, Hertz ( HTZ ) highlighted that vehicle depreciation in the quarter increased $588M, or $339 on a per-unit basis, primarily driven by deterioration in estimated forward residual values and disposition losses on ICE vehicles compared to gains in the prior year quarter. Additionally, of the $339 per unit increase, $119 was related to electric vehicles held for sale. Hertz ( HTZ ) disclosed adjusted corporate EBITDA was -$567M in the quarter, driven lower mainly by a $588M increase in vehicle depreciation compared to a year ago, of which $195M related to EVs held for sale. Back in 2021, Hertz ( HTZ ) made a big bet on EVs, with an order for 100K Tesla ( TSLA ) vehicles. CEO update: "Fleet and direct operating costs weighed on this quarter's performance... We're tackling both issues
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