Avis Group said it witnessed strong demand and improvement in pricing in Q2
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Avis Budget Group reported Q2 revenue of $3.05 billion (-2.4%) and EPS of $0.44, both missing analysts estimate of $3.18 billion and $2.60 respectively.
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Its net vehicle depreciation costs rose 95% y/y to $733 million.
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Avis said demand was strong while pricing improved sequentially.
"As the second quarter progressed, demand elevated with pricing and vehicle utilization sequentially improving. June pricing finished down slightly and vehicle utilization up a point in the Americas compared to June 2023,” said Joe Ferraro, Avis Budget Group Chief Executive Officer.
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Ferraro said in the earnings call that they expect Q3 demand to be at the same level as Q2.
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CFO CFO Izzy Martins said they expect interest expense in the second half to be similar to that of first half.