Avis Budget Group (CAR) Tops Q2 EPS by 24c, Offers Outlook

Avis Budget Group (NASDAQ: CAR) reported Q2 EPS of ($5.60), $0.24 better than the analyst estimate of ($5.84). Revenue for the quarter came in at $760 million versus the consensus estimate of $719.44 million.

Outlook:

Revenues in the second quarter showed sequential improvement, down 78% in April and finished June down 59% from prior year. Revenue improvement has been more robust in our off-airport locations and is close to pre-pandemic levels. We expect the velocity of improvement to moderate in the third quarter but anticipate utilization will continue to improve as we further match fleet with demand.

“Since the beginning of April, we have seen consistent sequential week-over-week increases in rental volume, with both the Americas and International having their best volume to date last week due to increased leisure activity,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “Coupled with the significant reduction of vehicles as we right size our fleet to current demand, we anticipate both positive cash flow and Adjusted EBITDA for the remainder of 2020.”

For earnings history and earnings-related data on Avis Budget Group (CAR) click here.

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