Avis Budget (CAR) Issues Preliminary Q1 Results; Revs Ahead of Views; Guides FY12 Revs
Tweet
Share
E-mailGet Alerts CAR Hot Sheet
Join SI Premium – FREE
Avis Budget Group, Inc. (Nasdaq: CAR) published preliminary results for its first quarter ended March 31, 2012 and estimates of its full-year 2012 results.
For the first quarter, the Company expects to report revenue of $1.6 billion, an increase of approximately 30% compared with the first quarter 2011. Excluding certain items, Adjusted EBITDA is expected to increase more than 40% compared to first quarter 2011, to approximately $119 million. The Company expects to report net income of approximately $14 million, excluding certain items, and a GAAP net loss of approximately $23 million due to debt extinguishment costs and acquisition-related charges.
The Street sees revs of $1.59 billion.
Further, the Company expects its full-year 2012 revenue to be $7.3 billion to $7.6 billion, a 24% to 29% increase compared to 2011. The Company also expects its 2012 Adjusted EBITDA to be $825 million to $875 million, excluding certain items, an increase of 35% to 43% compared to 2011. The Company also expects its 2012 interest expense related to corporate debt to be approximately $255 million, its non-vehicle depreciation and amortization expense (excluding the amortization of intangible assets related to the acquisition of Avis Europe) to be approximately $110 million, and its pretax income to be approximately $460 million to $510 million, excluding certain items.
The Street sees FY12 revs of $7.42 billion.
For the first quarter, the Company expects to report revenue of $1.6 billion, an increase of approximately 30% compared with the first quarter 2011. Excluding certain items, Adjusted EBITDA is expected to increase more than 40% compared to first quarter 2011, to approximately $119 million. The Company expects to report net income of approximately $14 million, excluding certain items, and a GAAP net loss of approximately $23 million due to debt extinguishment costs and acquisition-related charges.
The Street sees revs of $1.59 billion.
Further, the Company expects its full-year 2012 revenue to be $7.3 billion to $7.6 billion, a 24% to 29% increase compared to 2011. The Company also expects its 2012 Adjusted EBITDA to be $825 million to $875 million, excluding certain items, an increase of 35% to 43% compared to 2011. The Company also expects its 2012 interest expense related to corporate debt to be approximately $255 million, its non-vehicle depreciation and amortization expense (excluding the amortization of intangible assets related to the acquisition of Avis Europe) to be approximately $110 million, and its pretax income to be approximately $460 million to $510 million, excluding certain items.
The Street sees FY12 revs of $7.42 billion.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Avis Budget Group, Inc. Notice of September 29, 2026 Application Deadline for Class Action Lawsuit - Contact Lewis Kahn, Esq. at Kahn Swick & Foti, LLC, Before Application Deadline
- Lowe's Cos. (LOW) Tops Q2 EPS by 17c, Misses on Revenue; Offers Fy27 Guidance
- ATRenew Inc (RERE) Tops Q2 EPS by 8c ; Offers Guidance
Create E-mail Alert Related Categories
Guidance, Hot GuidanceSign 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!
