Hertz Global (HTZ) Tops Q4 EPS by 1c, Updates FY16 Guidance
(Updated - February 29, 2016 5:40 PM EST)
Hertz Global (NYSE: HTZ) reported Q4 EPS of $0.05, $0.01 better than the analyst estimate of $0.04. Revenue for the quarter came in at $2.41 billion versus the consensus estimate of $2.52 billion.
Adjusted corporate EBITDA for the 2015 fourth quarter was $266 million, compared to $76 million in the fourth quarter of 2014.
HERTZ GLOBAL HOLDINGS GUIDANCE
For the full-year 2016, the Company forecasts the following:
Full Year 2016 Forecast | ||||
Adjusted Corporate EBITDA - Consolidated HGH(2) | $1,600M | to | $1,700M | |
Adjusted Corporate EBITDA - Worldwide Equipment Rental segment(2) | $600M | to | $650M | |
Consolidated non-fleet capital expenditures | $200 | to | $225 | |
Consolidated corporate interest expense | $330 | to | $345 | |
Consolidated free cash flow | $400 | to | $500 | |
U.S. RAC net depreciation per unit per month | $290 | to | $300 | |
U.S. RAC fleet capacity growth* | (2.0)% | to | (3.0)% | |
U.S. RAC revenue growth | 1.5% | to | 2.5% | |
* Excludes Advantage sublease and Hertz 24/7 vehicles | ||||
For the full-year 2016, the Company has revised its previously issued preliminary 2016 adjusted corporate EBITDA guidance for both Consolidated Hertz Global Holdings and the Worldwide Equipment Rental segment. For Hertz Global Holdings, the guidance has been revised from a range of $1.7 billion to $1.8 billion to a range of $1.6 billion to $1.7 billion, reflecting lower U.S. RAC Total Revenue growth in the second half of the fourth quarter 2015 and the resulting impact to the first quarter of 2016, as well as continued pressure in the upstream oil and gas business in the Worldwide Equipment Rental segment. As a result, Worldwide Equipment Rental segment preliminary 2016 adjusted corporate EBITDA guidance has been revised from a range of $625 million to $675 million to a range of $600 million to $650 million. In addition, the Company lowered its U.S. RAC revenue guidance from a range of 2.5% to 3.5% to a range of 1.5% to 2.5%. Guidance for U.S. RAC capacity growth has been revised from a range of (0.5%) to 0.5% to a range of (3.0%) to (2.0%). Non-fleet capex spending guidance has also been revised from a range of $250 million to $275 million to a range of $200 million to $225 million. The guidance for U.S. RAC net depreciation per unit per month is unchanged.
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