Avis Budget Group Reports Second Quarter 2024 Financial Results
Avis Budget Group Reports Second Quarter 2024 Financial Results
Parsippany, N.J., Aug. 05, 2024 (GLOBE NEWSWIRE) — Avis Budget Group, Inc. (NASDAQ: CAR) announced its financial results for the second quarter of 2024.
Key Financial Metrics
Metric | Q2 2024 | Consensus Estimates |
---|---|---|
Total Revenue | $3.0B | $3.14B |
Net Income | $15M | Not provided |
Adjusted EBITDA | $214M | Not provided |
Earnings Per Share (EPS) | Not provided | $2.58 |
Interpretation : Despite falling short of the consensus revenue estimate of $3.14 billion, Avis Budget Group managed to demonstrate steady financial performance with revenues exceeding $3.0 billion and a net income of $15 million. The adjusted EBITDA for the quarter reached $214 million, signifying strong operational performance.
Revenue Performance by Segment
Segment | Q2 2024 Adjusted EBITDA |
---|---|
Americas | $186M |
International | $48M |
Interpretation : The Americas segment saw adjusted EBITDA of $186 million, driven by a 1% increase in rental days and month-to-month improvement in revenue per day, although June finished with a slight 2% dip compared to June 2023. The international segment exhibited robust growth with an adjusted EBITDA of $48 million, underpinned by a 5% increase in rental days and improved vehicle utilization.
Key Operational Data
Metric | Q2 2024 | Note |
---|---|---|
Vehicle Utilization | 70.2% | Up one point from June 2023 |
Officer Comments
Joe Ferraro, CEO of Avis Budget Group, highlighted, "As the second quarter progressed, demand elevated with pricing and vehicle utilization sequentially improving. Our actions to align fleet size with demand enabled us to start Q3 strongly, particularly around the Fourth of July holiday."
Dividends and Share Repurchase Program
No announcements were made regarding dividends or a share repurchase program.
Forward Guidance
The earnings release did not provide specific forward guidance but mentioned the alignment of fleet size to demand as a positive catalyst for upcoming quarters.
Stock Price Movement
Following the earnings announcement, Avis Budget Group's stock experienced a slight decrease of -0.57%.
Overall, Avis Budget Group's second quarter of 2024 demonstrated robust financial performance and positive operational metrics, setting a solid foundation for future growth.
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