11:20 AM EST, 02/13/2025 (MT Newswires) -- Hertz Global ( HTZ ) on Thursday reported a bigger-than-expected decline in fourth-quarter revenue amid volume weakness.

Revenue fell to $2.04 billion for the three months ended Dec. 31 from $2.18 billion the year earlier, underwhelming the $2.12 billion average analyst estimate in a FactSet survey.

The 7% decline in revenue was largely driven by a decrease in volume, Chief Financial Officer Scott Haralson told analysts on a conference call, according to a FactSet transcript. Shares of Hertz slid 11% in Thursday trade.

The company's adjusted loss per share narrowed to $1.18 from $1.36 year over year. Six analysts polled by FactSet were expecting a smaller loss of $0.69 per share.

The company sold 100,000 vehicles as part of its ongoing fleet rotation efforts, Haralson said on the call. However, wholesale valuation tracked by the Manheim market report was below projected levels, causing a book value loss on the sale of those vehicles, he said.

"It was a risk of selling in the fourth quarter, which is a seasonally softer period," Haralson told analysts. "But it was the right thing to do to push forward and not carry the additional vehicles into 2025."

The company expects to have a seasonal earnings before interest, taxes, depreciation and amortization loss in the first quarter, while reaching a "roughly breakeven" point in the second quarter, Haralson said. Hertz anticipates reporting core profitability in the second half of the year.

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