Avis Budget Posts Lower 2Q Profit on Slight Decline in Americas Sales
Avis Budget posted lower second-quarter earnings and said it saw a decline in revenue in its core Americas business.
The shares dropped 5.3% in extended trading.
The car rental company reported $5 million in net income, or 10 cents a share, down from $14.5 million, or 41 cents a share, a year earlier.
Avis posted $3.04 billion in revenue, down from $3.05 billion the year prior. Analysts were expecting revenue of $2.99 billion. Top-line declines were fueled by a 1% decline in revenues in the Americas, partially offset by a 3% increase in international revenues.
Revenue per day was down 1%, while rental days were flat compared to the prior year.
Earlier Tuesday, the company said it agreed to a multi-year partnership with Waymo to help operate and maintain its self-driving cars in Dallas. The company said the deal would allow it to enter the autonomous vehicle space as a fleet manager.
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