Avis Budget Group ( (CAR) ) has released its Q3 earnings. Here is a breakdown of the information Avis Budget Group presented to its investors.
Avis Budget Group is a leading global provider of mobility solutions, operating through its well-known Avis, Budget, and Zipcar brands, with a significant presence in North America, Europe, and Australasia. The company offers car rental services and is renowned for its extensive network of approximately 10,250 rental locations across 180 countries.
In its latest earnings report for the third quarter of 2024, Avis Budget Group reported revenues of nearly $3.5 billion and a net income of $238 million. The company’s Adjusted EBITDA for the quarter stood at $503 million, reflecting its strategic focus on maintaining stable revenue per day, particularly in the Americas. Avis Budget Group also highlighted its vehicle utilization improvements and strategic fleet management initiatives.
Key financial highlights from the report include a minor decline in revenues by 2% compared to the same period last year, while maintaining stable rental days. The company’s Adjusted EBITDA in the Americas was $384 million, despite facing higher fleet costs. Internationally, the company saw a 5% increase in rental days, with Adjusted EBITDA reaching $139 million, driven by enhanced vehicle utilization. Avis Budget Group also managed its financial obligations by issuing $700 million in unsecured Senior Notes, repurchasing shares, and maintaining a robust liquidity position of over $1.2 billion.
Avis Budget Group continues to strategically maneuver through market challenges with its disciplined approach to fleet management and pricing strategies. The company is optimistic about the forthcoming holiday season, anticipating strong demand which it is well-prepared to meet. Management remains focused on leveraging its operational strengths to capitalize on market opportunities, ensuring its position as a leader in the mobility solutions industry.
