Avis Budget Group (CAR) Tops Q2 EPS by 24c, Offers Outlook
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Avis Budget Group Removes over $1 Billion in Expenses in Second Quarter to Mitigate Impacts of COVID-19
July 28, 2020 4:48 PM EDTPARSIPPANY, N.J., July 28, 2020 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today announced second quarter 2020 financial results, with a Net loss of $481 million and an Adjusted net loss of $388 million. Total Revenues were down 67% year-over-year.
Throughout the quarter, we increased the magnitude of our cost removal actions, and currently are targeting over $2.5 billion on an annualized basis. Adjusted EBITDA for the second quarter was a loss of $382 million, but sequentially improved each month as we adjusted to market dynamics and right sized our fleet. The quarter culminated with an... More
