Avis Budget Group (NASDAQ: CAR) reported Q1 EPS of ($0.46), $1.68 better than the analyst estimate of ($2.14). Revenue for the quarter came in at $1.37 billion versus the consensus estimate of $1.28 billion.

Outlook:

The global semiconductor shortage is causing uncertainty in fleet supply and resulting in tighter fleets throughout the industry. We have historically navigated through significant vehicle recalls, and believe we have the logistics in place to effectively manage our fleet during this disruption in supply. We continue to get new car deliveries every day and believe we can increase our fleet utilization efficiency to capture increased demand. We look forward to helping people experience their mobility needs in a safe and efficient way.

While we continue to monitor vehicle availability and the roll out of the vaccine and its impact on the demand for the travel industry, we cannot currently predict the volatility associated with the industry. Due to these continued macro uncertainties, we are not providing guidance at this time.

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