Avis Budget Group (CAR) Tops Q4 EPS by $3.65
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Avis Budget Group Reports Full Year Record Revenues, Net Income and Adjusted EBITDA
February 13, 2023 4:02 PM ESTPARSIPPANY, N.J., Feb. 13, 2023 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today announced financial results for fourth quarter and full year ended December 31, 2022.
We ended 2022 with fourth quarter revenues 8% above prior year and 28% above fourth quarter 2019, at $2.8 billion. Our revenues were driven by increased revenue per day and strong demand from both our commercial business and leisure holiday travel. Net income was $424 million and Adjusted EBITDA1 was $658 million. Utilization for the quarter was 67.0%, showing that our fleet continues to be well positioned to meet demand.
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