{"id":244187,"date":"2023-11-04T14:49:01","date_gmt":"2023-11-04T14:49:01","guid":{"rendered":"https:\/\/automotobuzz.com\/?p=244187"},"modified":"2023-11-04T14:49:01","modified_gmt":"2023-11-04T14:49:01","slug":"avis-budget-group-reports-peak-demand-in-q3-results","status":"publish","type":"post","link":"https:\/\/automotobuzz.com\/car-reviews\/avis-budget-group-reports-peak-demand-in-q3-results\/","title":{"rendered":"Avis Budget Group Reports Peak Demand in Q3 Results"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/fleetimages.bobitstudios.com\/upload\/auto-rental-news\/content\/news\/2023-11\/avis-budget-group-imagecanva-__-720x516-s.png\"><\/p>\n<p>October started off strong for Avis Budget Group and it expects to continue throughout the holiday season.<\/p>\n<p>Graphic: Avis Budget Group \/ Bobit<\/p>\n<p>Avis Budget Group, Inc. ended the third quarter with revenues of $3.6 billion, driven by peak demand and seasonal revenue per day increases, according to company financial results announced Nov. 1.<\/p>\n<p>Net income was $627 million and adjusted EBITDA was $907 million.<\/p>\n<p>The company&rsquo;s liquidity position at the end of the quarter was about $1 billion, with an additional $1.1 billion of fleet funding capacity. Avis Budget Group has well-laddered corporate debt with no meaningful maturities until mid-2025.<\/p>\n<p>&ldquo;We had record volume in the Americas with anticipated seasonal price improvements transitioning from the second to the third quarter,&rdquo; said Joe Ferraro, Avis Budget Group CEO, in a news release. &ldquo;October started off strong and we expect it to continue throughout the holiday season.&rdquo;<\/p>\n<h2>Avis Budget Group Q3 Highlights<\/h2>\n<ul>\n<li>Revenues were $3.6 billion with rental days up 5% compared to Q3 2022.<\/li>\n<li>Adjusted EBITDA in the Americas was $740 million, driven by strong demand and a seasonal revenue per day increase.<\/li>\n<li>Adjusted EBITDA in International was $196 million, driven by peak demand.<\/li>\n<li>Avis repurchased about 2.2 million shares of common stock for a total of $487 million during the quarter.<\/li>\n<li>In July 2023, Avis issued $429.5 million Senior Notes due July 2030 primarily to redeem $322.1 million senior notes due November 2024.<\/li>\n<\/ul>\n<p>Source: <a href=\"https:\/\/www.autorentalnews.com\/10209624\/avis-budget-group-reports-peak-demand-in-q3-results\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>October started off strong for Avis Budget Group and it expects to continue throughout the holiday season. Graphic: Avis Budget<\/p>\n","protected":false},"author":2,"featured_media":244186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Avis Budget Group Reports Peak Demand in Q3 Results - AutoMotoBuzz.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/automotobuzz.com\/car-reviews\/avis-budget-group-reports-peak-demand-in-q3-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avis Budget Group Reports Peak Demand in Q3 Results - AutoMotoBuzz.com\" \/>\n<meta property=\"og:description\" content=\"October started off strong for Avis Budget Group and it expects to continue throughout the holiday season. 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