Avis Budget Group Delivers Record Fourth Quarter Revenue Driven By Overperformance in the Americas

About this update from Avis Budget Group, Inc.

[{"type":"text","content":"PARSIPPANY, N.J., Feb. 19, 2020 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today reported a record fourth quarter and results for the full year ended December 31, 2019, driven by the strong performance in the Americas. We are also providing our outlook for 2020.\n Fourth Quarter 2019 over Fourth Quarter 2018 Highlights: Revenues increased to a record $2.2 billion, up 6% excluding currency exchange rate movementsNet income was $142 million or $1.90 per diluted share and Adjusted net income was $54 million or $0.73 per diluted shareAdjusted EBITDA increased to a record $143 millionPer-Unit Fleet Costs improved 3% excluding exchange rate effectsUtilization improved by 100 basis points Full Year 2019 over Full Year 2018 Highlights: Revenues increased to a record $9.2 billion, up 2% excluding currency exchange rate movements, for a tenth consecutive year of revenue growthNet income was $302 million or $3.98 per diluted share and Adjusted net income was $279 million or $3.68 per diluted shareAdjusted EBITDA increased to $788 million, up 4% excluding currency exchange rate movementsPer-Unit Fleet Costs improved 5% excluding exchange rate effectsRepurchased approximately 2.2 million shares for a total of $62 million Total Company Fourth quarter revenues increased 6% compared to prior year excluding a $19 million impact from currency exchange rate movements, primarily due to a 5% increase in Rental Days and a 1% increase in Revenue per Day, excluding exchange rate effects. Per-Unit Fleet Costs, excluding exchange rate effects, improved by 3% and utilization improved 100 basis points. For the quarter, net income was $142 million, or $1.90 per diluted share. Adjusted EBITDA was $143 million and Adjusted net income was $54 million, or $0.73 per diluted share. Full year revenues increased 2% compared to prior year excluding a $165 million impact from currency exchange rate movements, primarily due to a 3% increase in Rental Days. Per-Unit Fleet Costs, excluding exchange rate effects, improved by 5% and utilization improved 50 basis points. For the year, net income was $302 million, or $3.98 per diluted share. Adjusted EBITDA was $788 million including a $23 million impact from currency exchange rate movements and Adjusted net income was $279 million, or $3.68 per diluted share. “We had a record fourth quarter, led by significa...

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