Avis Budget Group (CAR) Tops Q3 EPS by 98c
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Avis Budget Group Reports Positive Earnings and Removes an Additional $1 Billion of Expenses in Third Quarter
October 29, 2020 4:00 PM EDTPARSIPPANY, N.J., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today announced third quarter 2020 financial results, with Net income of $45 million and Adjusted net income of $79 million.
Despite revenue being down 44% compared to the same period in the prior year, we achieved positive Adjusted EBITDA of $220 million in the third quarter through cost removal actions and sizing fleet to demand by selling over 100,000 vehicles globally. During the quarter we removed approximately $1 billion of costs, bringing the total to $2 billion year to date, and we are now on track to deliver... More
