Welcome to our dedicated page for Avis Budget Group news (Ticker: CAR), a resource for investors and traders seeking the latest updates and insights on Avis Budget Group stock.
Avis Budget Group, Inc. (symbol: CAR) is a leading global provider of vehicle rental and car-sharing services. The company operates under several renowned brands, including Avis, Budget, and Zipcar. With over 10,000 rental locations across approximately 175 countries, Avis Budget Group offers a wide range of mobility solutions to both leisure and business travelers.
The Avis brand caters to the premium commercial and leisure segments, while Budget focuses on value-conscious consumers. Zipcar, the world’s leading car-sharing network, provides convenient access to vehicles for its over 900,000 members, allowing them to rent cars by the hour or day. Avis Budget Group manages most of its operations directly in North America, Europe, and Australasia, while it relies primarily on licensees in other regions.
Avis Budget Group has a significant workforce, comprising approximately 30,000 employees, and its headquarters are located in Parsippany, New Jersey. The company continuously strives to enhance its service offerings and expand its footprint globally.
Recently, Zipcar launched an electric vehicle (EV) initiative in major U.S. cities, including Boston, Chicago, New York City, and San Francisco. This initiative aims to provide equitable and sustainable transportation options to disadvantaged communities, with Zipcar committing to allocate 25% of its electric fleet to these areas. Zipcar has also joined the White House EV Acceleration Challenge to promote equitable transportation and environmental sustainability.
Avis Budget Group continues to innovate and partner with various stakeholders such as cities, university campuses, and businesses to meet the growing demand for electric vehicles and sustainable transportation solutions. For instance, their focus on expanding the EV fleet and facilitating first-time EV drivers with resources and guides underscores their commitment to a greener future.
With consistent efforts to enhance its service quality and sustainability, Avis Budget Group remains a prominent player in the global mobility solutions market.
Zipcar has launched its Students with Drive campaign to empower mission-driven college leaders and support Gen Z's commitment to sustainable living. Originally started in October 2011, this initiative has provided over $1 million in funding to 400 student organizations. This year, the campaign offers a Grand Prize of $5,000 to the winning student organization, alongside additional scholarships and prizes. Interested groups can apply until October 31, 2022, and final submissions are due by February 16, 2023.
For Q2 2022, Avis Budget Group (CAR) reported a record revenue of $3.2 billion, marking a 37% increase from Q2 2021. Net income reached $774 million with Adjusted EBITDA at $1.2 billion, the highest in company history. Strong demand and revenue per day were key drivers. The Americas segment generated over $1 billion in Adjusted EBITDA, while International achieved its best second quarter to date with $183 million. The liquidity position was approximately $850 million, with $1.9 billion in fleet funding capacity.
Avis Budget Group (NASDAQ: CAR) will announce its Q2 2022 results on August 1, 2022, after market close.
A conference call for institutional investors to discuss these results is scheduled for August 2, 2022, at 8:30 a.m. Eastern time. Investors can join the call via ir.avisbudgetgroup.com or by calling (877)-407-2991. A replay will be available after the call until August 16, 2022.
Avis Budget Group is a leading provider of mobility solutions with over 10,000 rental locations worldwide.
Avis Budget Group (NASDAQ: CAR) reported a remarkable financial performance for Q1 2022, achieving revenues of $2.4 billion, a 77% increase from Q1 2021. Net income reached $527 million, with an Adjusted EBITDA of $810 million, marking the best first quarter in company history. Fleet utilization stood at 67.4%, ensuring readiness for seasonal demand. The company holds approximately $900 million in liquidity and has a fleet funding capacity of $1.7 billion. The Board approved a $3 billion increase in share repurchase authorization, indicating strong confidence in future performance.
Avis Budget Group (NASDAQ: CAR) will report its first quarter 2022 results on May 2, 2022, after market close. A conference call for institutional investors will follow on May 3, 2022, at 8:30 a.m. Eastern time. Investors can access the call via phone or online, with a replay available afterward. Avis Budget Group operates over 10,000 rental locations across 180 countries, primarily through its Avis and Budget brands, and is headquartered in Parsippany, N.J.
Avis Budget Group (CAR) reported strong financial results for Q4 2021 and full-year 2021, with Q4 revenues reaching $2.6 billion, up 90% year-over-year and 19% compared to Q4 2019. Net income was $381 million, while Adjusted EBITDA hit a record $683 million for the quarter. Full-year revenues increased 72% to $9.3 billion, with net income at $1.3 billion. The company's liquidity stood at $757 million, with $2.6 billion fleet funding capacity. CEO Joe Ferraro emphasized significant demand and cost discipline despite Omicron's impact.
Avis Budget Group (NASDAQ: CAR) will announce its Q4 2021 results after market close on February 14, 2022. Following the report, a conference call for institutional investors is scheduled for February 15, 2022, at 8:30 a.m. Eastern time. Investors can access the call via ir.avisbudgetgroup.com or by calling (877)-407-2991. A web replay will be available post-call, and a telephone replay will be accessible from February 15 to March 1, 2022 using conference code 13726207. For more information, contact David Calabria at IR@avisbudget.com.
Avis Budget Group reported strong third quarter 2021 results, with revenues reaching $3 billion, a 96% increase from the previous year and 9% higher than Q3 2019. Net income was $674 million, while Adjusted EBITDA soared to a record $1,057 million. Fleet utilization improved to 71.6%, signaling effective demand management. The company maintained a robust liquidity position of $1.3 billion and $2.7 billion in fleet funding capacity, with manageable corporate debt maturities until 2024. The results reflect successful cost discipline and operational execution stemming from pandemic initiatives.
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