Hertz Global Holdings revenue declined 2 percent year over year to $2.2 billion in the second quarter as both transaction days and pricing declined in the U.S.
Revenue per day for U.S. rentals declined 2 percent year over year, due in part to weaker ancillary revenues. President and CEO Kathryn Marinello said pricing for business travel rentals will continue to face pressure in the months ahead. "We didn’t see significant downturns in commercial pricing, but I don't think that's an area we're going to be able to see much movement upwards, due do the competition," she said.
U.S. transaction days were down 3 percent year over year, though that largely stemmed from lower off-airport volume that compared with "unusually high customer vehicle recall activity" in the second quarter of 2016, according to Hertz.
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Outside the U.S., revenue increased 1 percent year over year to $543 million. Transaction days increased 6 percent, and pricing declined 1 percent.
Hertz reported a net loss of $158 million for the quarter, compared with a $28 million net loss in the second quarter of 2016. The company has been taking a depreciation hit as it upgrades its U.S. fleet, a process that is now complete, Marinello said, and it is spending more than $200 million this year for technology and facility upgrades. "After a tough first half that focused heavily on getting the right fleet, rolling out our Ultimate Choice process, upgrading our financial and revenue management systems and assessing service opportunities, we've now made some great progress that we can build on," Marinello said.