Avis Budget Group ended the first quarter of 2022 with revenues of $2.4 billion, 77% above the first quarter of 2021 and 27% over the same period in 2019, the last normalized quarter.
Net income for the quarter was $527 million and adjusted EBITDA was $810 million, the company’s best first quarter adjusted EBITDA in its history, Avis reported in a May 2 news release.
Our revenues were driven by rental days as demand improved throughout the quarter and Utilization for the quarter was 67.4%, which was in line with the first quarter of 2021.
The International segment earned $23 million in adjusted EBITDA for the first quarter, the best first quarter adjusted EBITDA in International's history.
Joe Ferraro, Avis Budget Group CEO, credited the quarterly performance on strong pricing and volume. Demand improved throughout the quarter as Omicron waned, increasing revenue per day.
As of Monday’s closing bell, the company’s shares rose 10%. Avis posted GAAP earnings per share of $9.71, more than doubling Wall Street’s $3.54 target.