CAR - Avis Budget records third straight quarter of positive EBITDA

Avis Budget (CAR) saw revenue fall 22% in Q1, but says a recovery is starting to take hold. CEO update on the quarter: "As demand started to recover in the Americas in the back half of the quarter, we optimized our fleet, resulting in higher utilization, and took advantage of pricing opportunities. We finished the quarter with Revenue per Day increasing 12% from prior year in the Americas. A strengthening Revenue per Day environment combined with our continued cost mitigating actions resulted in the Americas achieving a record first quarter Adjusted EBITDA margin." Of note, the adjusted EBITDA tally of $47M for Avis was the best for Q1 since 2015. The company has now knocked out three consecutive quarters of positive Adjusted EBITDA. CAR -1.70% AH to $87.50. See details on the Avis Budget Q1 report.

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Avis Budget records third straight quarter of positive EBITDA