Avis Budget Group has reported record fourth quarter revenues of $2.2 billion, up 6% excluding currency exchange rate movements. Net income was $142 million, and adjusted net income was $54 million.
Revenues increased to a record $9.2 billion, up 2% excluding currency exchange rate movements, for a tenth consecutive year of revenue growth, year over year. For 2019, net income was $302 million or $3.98 per diluted share and adjusted net income was $279 million or $3.68 per diluted share.
Fourth quarter revenues increased 6% compared to prior year excluding a $19 million impact from currency exchange rate movements, primarily due to a 5% increase in rental days and a 1% increase in revenue per day, excluding exchange rate effects. Per-unit fleet costs, excluding exchange rate effects, improved by 3% and utilization improved 100 basis points.
For the quarter, net income was $142 million, or $1.90 per diluted share. Adjusted EBITDA was $143 million and adjusted net income was $54 million.
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