Avis Budget Group Shares Surge 12% on Strong Q1 Earnings Beat
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Avis Budget Group Reports Record First Quarter Results
May 2, 2022 4:00 PM EDTPARSIPPANY, N.J., May 02, 2022 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today announced financial results for first quarter 2022.
We ended the quarter with revenues 77% above the first quarter 2021, at $2.4 billion. Our revenues were driven by rental days as demand improved throughout the quarter and increased revenue per day.
Net income was $527 million and our Adjusted EBITDA was $810 million, our best first quarter Adjusted EBITDA in our history. Utilization for the quarter was 67.4% and in-line with first quarter 2021, showing our fleet is well positioned to meet... More
