Avis Reports $2.3B in Q2 Revenue

Avis Budget Group reported second quarter revenues of $2.3 billion, which includes a negative impact of $46 million, or 2%, from currency exchange rate movements.

Second quarter revenues featured a 2% increase in rental days. Overall per-unit fleet costs improved 8% year-over-year. For the quarter, net income was $62 million, or $0.81 per diluted share. Adjusted EBITDA was $175 million and adjusted net income was $61 million, or $0.79 per diluted share.

Americas

Revenues in the quarter were up 2% compared to the prior year due to a 2% increase in rental days and a 1% increase in revenue per day. Per-unit fleet costs decreased by 10% as we continue to utilize alternative disposition channels to take advantage of strong residual values.

Adjusted EBITDA increased to $152 million and margin expanded to 9.3%.

International

Revenues in the quarter were 4% lower driven by a 6% impact from currency exchange movements. rental days increased 3%, partially offset by a 1% decrease in revenue per day, excluding exchange rate effects. Per-unit fleet costs were flat in the quarter, excluding exchange rate effects, while utilization improved 60 basis points.

This resulted in Adjusted EBITDA of $39 million for the quarter.