A strong and increasing travel demand environment increases earnings power of the rental car conglomerate.
Full year revenues for Avis Budget Group increased 29% compared to 2022 and 31% compared to 2019, beating Wall Street’s expectations.
The rental company saw revenues of $3.5 billion in Q3 2022 — 18% higher than the same quarter last year.
Avis Budget Group’s global revenue of $3.2 billion and net income of $774 million were not only the best second quarter revenue and incomes in the company’s history, but also the best in any quarter ever.
Both rental car companies plan to report their second quarter 2022 financial results in the next few weeks.
This quarter’s revenue was also 27% higher than the same period 2019, the last normalized quarter.
South Carolina’s Rep. Wendell Gilliard got a bill from Avis Budget Group for more than $20,000 in vehicle damage. A police investigation discovered that an employee had taken the car after the congressman returned it and caused $20,000 worth of damage.
Haim Kapelnikov’s staff is safe, with part of his team evacuated from Kyiv to Lviv.
Avis Budget Group was able to pivot to meet rapidly changing conditions last year. Can Avis and the rest of the industry manage what’s ahead in 2022?
Avis Budget Group’s adjusted EBIDTA of $683 million in the fourth quarter of 2021 was its best in the company’s history. Full-year revenues beat 2019 by 2%.
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