In the first quarter of 2018, Avis Budget Group reported an increase in revenue of 7% compared to 2017 based on a 5% increase in total rental days and strong pricing in the Americas.
Net loss for the quarter narrowed from $107 million in 2017 to $87 million, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) improved by $29 million, driven by a 4% reduction in per-unit fleet costs.
"The first quarter has our year starting on a very positive note with strong demand, higher underlying pricing in the Americas, improved utilization and lower per-unit fleet costs," Larry De Shon, Avis Budget Group president and chief executive officer, said in a press release. “With both pricing and fleet costs in the Americas having stabilized, the benefits of our strategic initiatives were clearly evident this quarter with year-over-year profitability improving significantly."
Internationally, revenue growth was driven by 9% higher volume offset by lower pricing and other costs.
Avis Budget Group reaffirmed its full-year estimates of revenues from $9.2 to $9.45 billion and adjusted net income of $240 to $310 million.
Related Content: Avis Budget Group 2017 Results: Revenues Up, Adjusted Income Down
See all comments