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Global ground transport company Avis Budget has announced its financial results for the second quarter 2023 are up four per cent YOY.
The US company ended the quarter with revenues of US$3.1 billion, which was up four per cent on last year.
Avis Budget said the increase was driven by growing demand and seasonal revenue per day increase.
Joe Ferraro, Avis Budget Group CEO said: “Our strong second quarter
results continued to showcase the earnings power of our Company. These
results reflect the hard work of our team and their exceptional ability
to capitalise on a strong and increasing travel demand environment.
“Summer travel has continued to be robust with elevated peak period
demand and seasonally improved pricing. Our teams remain focused and
ready as we transition into our busiest season of the year.”
Earlier this year the group reported it was the strong corporate demand, which had helped it achieve record-breaking results in 2022.
Avis Budget has continued its positive trajectory as it heads into the busy summer months with International volume driven by seasonal demand.
Highlights of the report were:
Net income for the group was US$436 million and its Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) was US$737 million
Adjusted EBITDAin the Americas was $631 million, driven by strong demand and improved utilisation
Adjusted EBITDA in International was $126 million, driven by strong seasonally increasing volume
Utilisation was up 50 basis points compared to second quarter 2022, at 70.5 per cent, as supply met growing demand
Avis Budget has more than 10,000 rental locations in approximately 180 countries around the world with its Avis and Budget brands.
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