Short term, the company will focus on domestic business as travel bans are lifted. Midterm, the company will “rethink its priorities, so as to adapt to a ‘new normal’ given the reinforced digital habits, new safety standards, and new travel patterns.”
The company has laid off or furloughed 21,000 employees as a result of the coronavirus pandemic. April revenue is trending down 80% from the prior year. Similar trends are expected in May, but the company “expects a gradual recovery thereafter.”
In the third quarter, Hertz grew U.S. income on increased transaction days and a decrease in depreciation, while international revenues, earnings decrease.
For the third quarter, Avis Budget Group reported declines in adjusted EBITDA, pretax income, and net income. Performance in Americas beat International.
During the second quarter of 2019, Europcar posted a net profit of 1 million euro ($1.1 million) compared to a net profit of 18 million euro ($20 million) in the second quarter of 2018.
This represents an increase of 13% when compared to revenue of $3.1 million in the fourth quarter of 2018.
Following this Q1 start, the managing board of Sixt confirms its outlook for the entire fiscal year of 2019 and plans investments of around 8 billion euros ($9 billion).
Total U.S. rental car revenues increased 7%, compared to the first quarter of 2018.
Revenues grew 2% to $2.1 billion in the fourth quarter and 3% for the full year to $9.1 billion.
