Avis Budget Stock Price, News & Analysis

Avis Budget Group (NASDAQ: CAR) reported its Q2 2024 financial results, with revenues exceeding $3.0 billion. The company saw a 2% increase in rental days compared to Q2 2023, with sequential improvements in revenue per day. Net income stood at $15 million, while Adjusted EBITDA reached $214 million. The Americas segment reported Adjusted EBITDA of $186 million, with a 1% increase in rental days. International operations contributed $48 million in Adjusted EBITDA, driven by improved vehicle utilization and a 5% increase in rental days. Vehicle utilization for the quarter was 70.2%, with June showing a one-point improvement compared to June 2023. The company's liquidity position at quarter-end was $822 million, with an additional $2.9 billion in fleet funding capacity.

Avis Budget Group (NASDAQ: CAR) will announce its Q2 2024 results after market close on August 5, 2024. The company will conduct a conference call to discuss these results on August 6, 2024, at 8:30 a.m. Eastern Time. Investors can access the call via the company's investor relations website or by dialing (877)-407-2991. A web replay will be available shortly after the call on the same website. Additionally, a telephone replay will be accessible from 11:00 a.m. Eastern Time on August 6 until 10:00 p.m. on August 19, 2024, at (877)-660-6853 using the conference code 13743682.

AVIS has announced a multi-year extension of its partnership with the PGA TOUR, PGA TOUR Champions, and Korn Ferry Tour, continuing through 2028. AVIS will remain the Official Rental Car Company for these events, providing vehicles for players, caddies, employees, and fans. The partnership, which began in 2011, will also feature the AVIS ‘Plan on Us’ campaign to engage fans during the FedExCup season. Additionally, AVIS has signed a two-year partnership with PGA TOUR winner and Olympic Gold Medalist Xander Schauffele, who will serve as a brand ambassador.

Avis Budget Group announced the pricing of €200 million in additional 7.25% Senior Notes due 2030 through its subsidiary, Avis Budget Finance. These Notes will be added to the €400 million previously issued under the same terms. Priced at 100.25% of face value, the offering will close on May 21, 2024, pending standard conditions. Proceeds will be used for general corporate purposes, including debt repayment. The Notes are offered only to qualified institutional buyers under Rule 144A of the Securities Act and will not be registered in the U.S. This announcement does not constitute an offer to sell or buy any securities.

Avis Budget Group, Inc. (NASDAQ: CAR) announced its intention to offer €200 million of Senior Notes through its subsidiary, Avis Budget Finance plc, for general corporate purposes. The Notes will be issued under an existing Indenture and guaranteed by the Company and its U.S. subsidiaries. The offering will target qualified institutional buyers under Rule 144A or non-U.S. persons under Regulation S. This press release is not an offer to buy or sell securities, and the Notes have not been registered under the Securities Act.

Avis Budget Group, Inc. (NASDAQ: CAR) reported strong financial results for the first quarter of 2024, with revenues reaching $2.6 billion driven by robust travel demand. Despite a net loss of $113 million, their Adjusted EBITDA stood at $12 million. The company's liquidity position was strong, with approximately $0.7 billion in cash and $3.8 billion in fleet funding capacity. Avis Budget Group is well-positioned for the upcoming spring and summer travel seasons.