Avis Budget Expects Q1 Revenues To Decline 9%

(RTTNews) - Avis Budget Group, Inc. (CAR) Wednesday said it expects first-quarter revenues of $1.7 to $1.8 billion, which is a 9% decrease at the midpoint.

Analysts polled by Thomson Reuters currently estimate revenues of $1.76 billion.

The company said January and February started out exceptionally strong with revenues up 9%, continuing the momentum from the end of 2019, and suggesting that 2020 was shaping up to potentially be a record year. March results were significantly impacted as shelter in place orders effectively eliminated travel activity globally.

The company expects net loss of between $155 and $165 for the first quarter.

Rental days were in a range of 34.4 to 34.6 million, Revenue per Day was in a range of $50 to $51, and Per-Unit Fleet Costs were in a range of $250 to $255.