The earnings call reflected a strong financial performance with record revenue and improved vehicle utilization, supported by strategic fleet management and operational efficiency improvements. However, challenges such as decreased pricing, increased fleet holding costs, and temporary impacts from hurricanes were noted. The company remains optimistic about future performance with a favorable fleet buy and strong international growth.

Company Guidance

During the Avis Budget Group's third-quarter 2024 earnings call, the company provided guidance that focused on several key metrics. Avis reported quarterly revenue of nearly $3.5 billion and adjusted EBITDA of $503 million. In the Americas, revenue was more than $2.6 billion with an adjusted EBITDA of $384 million, while international revenue reached $840 million with an adjusted EBITDA of $139 million. The company emphasized its strategy of maintaining fleet discipline to enhance vehicle utilization, which reached nearly 72% in the Americas and 73.7% internationally, both showing improvements over the previous year. The pricing in the Americas was nearly flat compared to 2023 but up 28% from 2019 levels, while international pricing was down 5% excluding currency impacts but up 25% from 2019. Avis highlighted its ongoing focus on higher-margin business segments, particularly in a high-cost vehicle environment, and expects to continue this strategy into the fourth quarter. Additionally, the company is optimistic about its model year 2025 fleet buy, expecting holding costs to decrease as new vehicles are integrated into the fleet. Despite facing challenges such as increased fleet holding costs and vehicle interest expenses, Avis remains focused on achieving $1 billion in adjusted EBITDA, excluding fleet losses, for the year.

Record Quarterly Revenue Achieved

The company reported third quarter revenue of nearly $3.5 billion with adjusted EBITDA of $503 million, demonstrating strong financial performance.

Improved Vehicle Utilization

Vehicle utilization improved nearly 2 points above the prior year, driven by strategic fleet size adjustments.

Successful Fleet Buy for 2025

The fleet buy for model year 2025 is progressing well with expected holding costs below recent years, providing a more profitable outcome.

Strong International Performance

International revenue increased by 1% compared to the prior year, with a 5% increase in rental days and a 14% growth in higher-margin inbound and cross-border travel.

Operational Efficiency Enhancements

Initiatives underway to improve operational efficiencies, including technological enhancements and better fleet management, are expected to further drive margins.

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Avis Budget (CAR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CAR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 17, 2025	2024 (Q4)	-1.03 / -	7.375	―	―	―
Oct 31, 2024	2024 (Q3)	8.26 / 7.24	16.86	-57.07% (-9.62)	―
Aug 05, 2024	2024 (Q2)	2.49 / 1.56	11.137	-86.01% (-9.58)	―
May 01, 2024	2024 (Q1)	-2.94 / -3.07	7.72	-139.77% (-10.79)	―
Feb 12, 2024	2023 (Q4)	4.16 / 7.38	10.46	-29.49% (-3.09)	―
Nov 01, 2023	2023 (Q3)	14.18 / 16.86	21.7	-22.30% (-4.84)	―
Jul 31, 2023	2023 (Q2)	9.45 / 11.14	15.94	-30.13% (-4.80)	―
May 01, 2023	2023 (Q1)	3.07 / 7.72	9.99	-22.72% (-2.27)	―
Feb 13, 2023	2022 (Q4)	6.67 / 10.46	7.08	47.74% (+3.38)	―
Oct 31, 2022	2022 (Q3)	14.64 / 21.70	10.74	102.05% (+10.96)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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CAR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 31, 2024	$83.00	$92.06	+10.92%
Aug 05, 2024	$83.96	$86.27	+2.75%
May 01, 2024	$94.75	$113.77	+20.07%
Feb 12, 2024	$168.36	$129.81	-22.90%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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