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MarketScreener Homepage  >  Equities  >  Nyse  >  Herc Holdings Inc.    HRI

HERC HOLDINGS INC.

(HRI)
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Herc : Hertz files for bankruptcy after demand drops due to COVID-19

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05/23/2020 | 11:19am EDT

Hertz Global Holdings has filed for bankruptcy following a sharp drop in travel because of the coronavirus pandemic.

The company announced in a statement Friday that it has filed voluntary petitions for reorganization under Chapter 11, along with some of its U.S. and Canadian subsidiaries.

"The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings," the company said in a statement. "Hertz took immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending and preserve liquidity."

The company said that it has taken steps to reduce unnecessary spending, but it's unclear when it will recover, so the filing was needed "to strengthen capital structure."

Among the steps the company took to mitigate revenue loss from car rental cancellations, it reduced planned fleet levels, consolidated off-airport rental locations, deferred capital expenditures, and implemented furloughs and layoffs of 20,000 employees, or approximately half of its global workforce.

Hertz, Dollar, Thrifty, Firefly, Hertz Car Sales, and Donlen subsidiaries are still open, the statement said.

"Hertz has over a century of industry leadership and we entered 2020 with strong revenue and earnings momentum," Hertz President and CEO Paul Stone said in the statement. "With the severity of the COVID-19 impact on our business, and the uncertainty of when travel and the economy will rebound, we need to take further steps to weather a potentially prolonged recovery."

The company said that as of the filing date, it had more than $1 billion in cash in hand for operations.

Hertz's principal international operating regions such as Europe, Australia and New Zealand were not included in Friday's U.S. Chapter 11 proceedings.

Copyright 2020 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent., source US Top News

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Financials (USD)
Sales 2020 1 659 M - -
Net income 2020 34,6 M - -
Net Debt 2020 1 812 M - -
P/E ratio 2020 29,0x
Yield 2020 -
Capitalization 993 M 993 M -
EV / Sales 2019
EV / Sales 2020 1,69x
Nbr of Employees 5 100
Free-Float 90,4%
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Technical analysis trends HERC HOLDINGS INC.
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 35,43 $
Last Close Price 34,11 $
Spread / Highest target 43,7%
Spread / Average Target 3,87%
Spread / Lowest Target -29,6%
EPS Revisions
Managers
NameTitle
Lawrence H. Silber President, Chief Executive Officer & Director
Herbert L. Henkel Independent Non-Executive Chairman
Aaron Birnbaum Chief Operating Officer & Senior Vice President
Mark H. Irion Chief Financial Officer & Senior Vice President
Tamir Peres Chief Information Officer & Senior Vice President
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