ESTERO, Fla.- Hertz Global Holdings, Inc. (OTCPK: HTZGQ) ('Hertz Global' or the 'Company') today reported results for its fourth quarter and year ended December 31, 2020. For the fourth quarter, the Company's revenue was $1.2 billion, net loss attributable to the Company was $289 million and Adjusted Corporate EBITDA loss was $140 million. For the year, the Company's revenue was $5.3 billion, net loss attributable to the Company was $1.7 billion and Adjusted Corporate EBITDA loss was $995 million. Liquidity at the end of 2020 was $1.1 billion.

'We are making significant headway on our U.S. Chapter 11 process,' said Paul Stone, Hertz Global's President and Chief Executive Officer. 'We are on track to close on the sale of our Donlen vehicle leasing and fleet management business in March 2021 and are making progress on our plan of reorganization with the goal to emerge from Chapter 11 by mid to late summer.'

December 2020 global revenue was nearly double that from April 2020 and since that time the Company achieved monthly, sequential year-over-year global rental volume improvement. The Company delivered annualized cost savings of approximately $3 billion during the year and downsized the fleet so that it was well positioned to match demand entering into 2021.

During the year, the Company adapted to severe volume declines by realigning its fleet, consolidating locations and staffing to the reality of pandemic-level travel demand, cutting all non-essential spending and capital expenses, all the while enhancing cleaning and sanitization processes for the safety of customers and employees. While the Company was focused on cost savings, it kept its sights on the importance of providing customers the highest level of service and in 2020 was ranked No. 1 in Customer Satisfaction for Rental Cars by J.D. Power for the second year in a row.

'Throughout the difficulties of the past year, I have been exceptionally proud of our employees for their dedication to serving our customers and putting safety and satisfaction first. They remain our greatest asset,' said Stone.

'I am humbled yet honored to lead such an iconic brand through one of the most challenging years in its history,' continued Stone. 'Based on our progress thus far, I believe more than ever that, with the continued support of our loyal customers and exceptional employees, we are laying the foundation for long-term success.'

Read full report at :

https://ir.hertz.com/2021-02-26-Hertz-Global-Holdings-Reports-Fourth-Quarter-And-Full-Year-2020-Results

SOURCE The Hertz Corporation

For further information: CONTACTS: Hertz Investor Relations: (239) 301-6800, investorrelations@hertz.com, or Hertz Media Relations: (239) 301-6300, mediarelations@hertz.com

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