Avis Budget Group (CAR) Tops Q4 EPS by 24c
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Avis Budget Group Removes More than $2.5 billion of Costs Setting the Stage for Future Recovery
February 16, 2021 4:20 PM ESTPARSIPPANY, N.J., Feb. 16, 2021 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today announced financial results for fourth quarter and full year ended December 31, 2020.
Despite revenue being down 37% for the fourth quarter compared to prior year, and a net loss of $90Â million, we generated positive Adjusted EBITDA of $74 million through disciplined cost removal of more than $500 million. We have now had back-to-back quarters of positive Adjusted EBITDA and continue to show our ability to adapt throughout the pandemic. We are particularly encouraged by the fact that during this challenging travel environment, the... More
