Avis Budget Group, Inc. (CAR) Tops Q1 EPS by 6c; Guides In-Line
Tweet
Share
E-mailGet Alerts CAR Hot Sheet
Price: $99.57 -3.61%
EPS Growth %: -131.1%
Financial Fact:
Net income (loss): 209M
Today's EPS Names:
WF, CWBC, GLTO, More
EPS Growth %: -131.1%
Financial Fact:
Net income (loss): 209M
Today's EPS Names:
WF, CWBC, GLTO, More
Join SI Premium – FREE
Avis Budget Group, Inc. (NASDAQ: CAR) reported Q1 EPS of $0.08, $0.06 better than the analyst estimate of $0.02. Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.7 billion.
"The first quarter progressed largely as we had anticipated, highlighted by strong year-over-year pricing trends in North America, which helped offset expected increases in fleet costs, and marked by challenging economic conditions in Europe," said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer. "Our acquisition of Zipcar is progressing as planned, and we are already implementing actions to capture the benefits we expect to realize from this transaction."
Avis Budget Group, Inc. sees FY2013 revenue of $7.8-8 billion, versus the consensus of $8 billion.
Other guidance items:
The Company expects its Adjusted EBITDA to be approximately $750 million to $855 million, excluding certain items. The changes in the Company's expected 2013 revenue and Adjusted EBITDA are entirely due to the acquisition of Zipcar.
The Company continues to expect per-unit fleet costs in its North America segment to increase approximately 15% to 20%, to roughly $275 to $290 per month in 2013. Total Company fleet costs are also expected to be $275 to $290 per unit per month in 2013, an increase of approximately 11% to 17% compared to 2012.
The Company expects interest expense related to corporate debt to be approximately $240 million, a decline of $30 million compared to 2012. The increase in projected interest expense compared to our prior outlook reflects the costs of financing the acquisition of Zipcar, partially offset by the benefits of the refinancings the Company has completed. The Company also expects that its 2012 non-vehicle depreciation and amortization expense (excluding the amortization of intangible assets related to the acquisitions of Avis Europe and Zipcar) will be approximately $130 million to $135 million. As a result, the Company estimates that its pretax income will be approximately $375 million to $485 million, excluding certain items.
For earnings history and earnings-related data on Avis Budget Group, Inc. (CAR) click here.
"The first quarter progressed largely as we had anticipated, highlighted by strong year-over-year pricing trends in North America, which helped offset expected increases in fleet costs, and marked by challenging economic conditions in Europe," said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer. "Our acquisition of Zipcar is progressing as planned, and we are already implementing actions to capture the benefits we expect to realize from this transaction."
Avis Budget Group, Inc. sees FY2013 revenue of $7.8-8 billion, versus the consensus of $8 billion.
Other guidance items:
The Company expects its Adjusted EBITDA to be approximately $750 million to $855 million, excluding certain items. The changes in the Company's expected 2013 revenue and Adjusted EBITDA are entirely due to the acquisition of Zipcar.
The Company continues to expect per-unit fleet costs in its North America segment to increase approximately 15% to 20%, to roughly $275 to $290 per month in 2013. Total Company fleet costs are also expected to be $275 to $290 per unit per month in 2013, an increase of approximately 11% to 17% compared to 2012.
The Company expects interest expense related to corporate debt to be approximately $240 million, a decline of $30 million compared to 2012. The increase in projected interest expense compared to our prior outlook reflects the costs of financing the acquisition of Zipcar, partially offset by the benefits of the refinancings the Company has completed. The Company also expects that its 2012 non-vehicle depreciation and amortization expense (excluding the amortization of intangible assets related to the acquisitions of Avis Europe and Zipcar) will be approximately $130 million to $135 million. As a result, the Company estimates that its pretax income will be approximately $375 million to $485 million, excluding certain items.
For earnings history and earnings-related data on Avis Budget Group, Inc. (CAR) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Alphabet stock surges 11% to record high on Q1 earnings beat, first-ever dividend
- L3Harris Technologies (LHX) Tops Q1 EPS by 15c; raises guidance
- Alphabet, Microsoft earnings; PCE data ahead - what's moving markets
Create E-mail Alert Related Categories
Earnings, GuidanceRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
