Record 2011 results Avis Budget Group - Car Rental News
Record 2011 results Avis Budget Group
Car Rental News - 16/02/2012
Avis Budget group has posted record results for 2011, despite a surprise loss in the fourth quarter.
The global car hire firm said on Wednesday that it saw $5.9 billion (£3.7 billion) in revenues for the full year, a 14 per cent increase on the year prior. Similarly, the company’s EBITDA climbed 49 per cent, excluding some specific items, to $610 million (£389 million) whilst pre-tax income reached $324 million (£206 million).
However, officials said that lower pricing and acquisition charges helped to exacerbate slower sales figures that are traditional for the industry in the fourth quarter, which led to a pre-tax loss of $200 million (£128 million). Nonetheless, the group saw $1.6 billion (£1 billion) in revenues during the period, an increase of 33 per cent from the same quarter a year prior.
Avis Budget Group’s chief executive and chairman, Ronald L. Nelson, said that despite charges related to the firm’s acquisition of Avis Europe that the group would begin to see substantial benefits of the deal in 2012 as a result of “integration-related synergies”.
Nelson added that the firm was proud of its performance in 2011, adding that it saw significant “organic growth” in addition to record Adjusted EBITDA and earnings per share figures.