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Quarterly Earnings

Avis Budget Group announced third quarter net income of $45 million as a result of removing about $1 billion of costs for the quarter and taking advantage of the strong used vehicle market.

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Avis Shows Sequential Improvements in Q2

While revenue was down 78% in April, Avis Budget Group finished June down 59% from the prior year. Off-airport revenues are “close to pre-pandemic levels.”

Europcar to Shift to Domestic Travel

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.”

Avis Budget Group Sheds 70% of Workforce

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.”

Hertz Grows Revenue, Income in Q3

In the third quarter, Hertz grew U.S. income on increased transaction days and a decrease in depreciation, while international revenues, earnings decrease.

Europcar Records $838M in Q2 Revenue

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.