Avis Budget Group is a leading global provider of car rental services, offering a wide range of vehicles for both leisure and business travelers
The company operates through well-known brands, including Avis and Budget, and provides flexible rental options, from short-term rentals to long-term solutions. In addition to traditional car rentals, Avis Budget Group also offers various mobility solutions, such as car sharing and subscription services, catering to the evolving needs of consumers. With a strong emphasis on customer service and convenience, the company aims to enhance the travel experience through innovative technology and a robust network of locations worldwide.
Over the last six months, Avis Budget Group’s shares have sunk to $91.67, producing a disappointing 5.8% loss - a stark contrast to the S&P 500’s 12.6% gain. This was partly driven by its softer quarterly results and may have investors wondering how to approach the situation.
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As the Q3 earnings season wraps, let’s dig into this quarter’s best and worst performers in the ground transportation industry, including Avis Budget Group (NASDAQCAR) and its peers.
Car rental services provider Avis (NASDAQCAR) fell short of the market’s revenue expectations in Q3 CY2024, with sales falling 2.4% year on year to $3.48 billion. Its GAAP profit of $6.65 per share was also 21.4% below analysts’ consensus estimates.
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PARSIPPANY, N.J., Sept. 10, 2024 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQCAR) (the “Company”) announced today that its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. (together, the “Issuers”), priced a private offering of $700 million aggregate principal amount of 8.250% senior notes due 2030 (the “Notes”), which represents a $200 million increase from the previously announced size of the offering. The Notes will have a maturity date of January 15, 2030. The closing of the offering of the Notes is expected to occur on September 13, 2024, subject to customary closing conditions. The Notes will be issued at par and guaranteed on a senior unsecured basis by the Company and certain of its U.S. subsidiaries.
PARSIPPANY, N.J., Sept. 10, 2024 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQCAR) (the “Company”) announced today that its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. (together, the “Issuers”), intend, subject to market and other customary conditions, to offer $500 million aggregate principal amount of senior notes due 2030 (the “Notes”) in a private offering. The Notes will be guaranteed on a senior unsecured basis by Avis Budget Group, Inc. and certain of its U.S. subsidiaries.
