Tina Bellon

(Reuters) – Hertz Global Holdings (OTC) Inc’s new chief executive stated Wednesday that he anticipates Americans’ unfulfilled summer vacation wish to continue driving strong rental car demand despite increasing inflation.

Last year’s bankruptcy filings saw the company emerge from bankruptcy. Analysts had expected top- and bottom line growth in the first quarter. This was at a time where tight vehicle supplies are allowing rent-a-car companies to set record prices.

Stephen Sherr (Hertz CEO), a former Goldman Sachs finance chief, took over at the end February and said that strong demand for the company’s products carried on into April.

Sherr stated that “you may see consumptive behaviour elevated this summer,” despite inflationary tendencies. Sherr spoke to Reuters in an interview.

Hertz posted a revenue of $1.8billion in March and an income of $426m. Based on Refinitiv data, analysts expected Hertz to earn $1.7 billion and 375 million each.