Avis Budget Group, Inc. recently reported that their revenue for the first quarter increased 2 percent from the previous year, to $1.4 billion, the company reports.
Avis Budget’s earnings before interest, taxes, depreciation and amortization (EBITDA) was $68 million and net income from continuing operations was $12 million.
The company’s results for the first quarter, which is generally the seasonally weakest quarter, were ahead of its business plan, and the company reaffirmed its forecast that revenues, EBITDA and pretax income will increase in 2007 compared to its pro forma 2006 results.
In the first quarter, Avis Budget’s car rental revenues alone increased 5 percent year-over-year, driven primarily by a 3 percent increase in car rental pricing as measured by time and mileage revenue per rental day, the company reports.
The company also reports that truck rental results, while below last year, were in line with expectations for the quarter.