Avis Budget Q3 revenue slightly misses
CAR•Avis Budget’s third-quarter revenue fell 2% to $3.40 billion, slightly below the $3.42 billion analyst estimate. Adjusted EBITDA fell 8% to $513 million, missing the $557.11 million estimate.
1. Quarterly results
Avis Budget reported third-quarter revenue of $3.40 billion, down 2% year over year and slightly below analysts’ $3.42 billion estimate. Adjusted EBITDA fell 8% to $513 million, below the $557.11 million estimate; net income was $199 million and adjusted EPS was $5.15.
2. Fleet utilization
Americas fleet utilization reached a record 74.1%, up 2.8 percentage points year over year, despite softer travel demand. Revenue per day rose slightly year over year for a third consecutive quarter of growth, while per-unit fleet costs increased 4% and remained within company expectations. The company did not provide specific financial guidance for current or future periods.
