Last $60.19 USD
Change Today +0.20 / 0.33%
Volume 498.1K
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As of 4:00 PM 07/23/14 All times are local (Market data is delayed by at least 15 minutes).

avis budget group inc (CAR) Key Developments

Avis Budget Group, Inc. Rolls Out Mobile Wi-Fi Across Europe

Avis Budget Group, Inc. announced that Avis Car Rental and Budget Car Rental customers can now rent portable Wi-Fi devices in twelve European countries. The new offering provides customers with access to 1GB of data per day without the fear of incurring roaming charges when traveling throughout Europe. Users can connect up to five devices at the same time, including smartphones, tablets, laptops and other Wi-Fi-enabled gadgets. The units offer a download speed of 21.6 Mbps for a simple, fast and reliable way to conduct video conferences, access documents, surf the web, stream movies and access social media sites. Mobile Wi-Fi is available in Austria, Belgium, the Czech Republic, France, Germany, Italy, Luxembourg, the Netherlands, Portugal, Spain, Switzerland and the United Kingdom. The service can be rented by requesting it at the counter. For customers' safety, Wi-Fi devices should never be used by the driver while the vehicle is in operation. Wi-Fi service should be used only by passengers or while the vehicle is parked.

Avis Budget Mulls Acquisitions

Avis Budget Group, Inc. (NasdaqGS:CAR) is looking for acquisitions. David Wyshner, Senior Executive Vice President and Chief Financial Officer of Avis, said, “Our plans for capital allocation remain the same. We continue to hunt for attractive, synergistic tuck-in acquisitions, expect our spending on tuck-in deals over the first half of the year will be around $50 million in total.”

Avis Budget Group, Inc. Presents at Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference, Jun-02-2014 10:15 AM

Avis Budget Group, Inc. Presents at Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference, Jun-02-2014 10:15 AM. Venue: Goldman Sachs Conference Center, New York, New York, United States. Speakers: David B. Wyshner, Global Chief Financial Officer and Senior Executive Vice President.

Avis Budget Group, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Year 2014

Avis Budget Group, Inc. reported earnings results for the first quarter ended March 31, 2014. The company reported that net income for the first quarter ended March 31, 2014 was $4 million, or $0.03 per share, compared to a net loss of $46 million, or $0.43 loss per share, for the same quarter ended March 31, 2013. The company expects revenue to be in the range of $8.4 billion to $8.6 billion for 2014. Net revenues for the first quarter ended March 31, 2014 were $1.86 billion, compared to $1.69 billion for the same quarter ended March 31, 2013. Income before income taxes for the first quarter ended March 31, 2014 was $5 million, compared to a loss before income taxes of $57 million for the same quarter ended March 31, 2013. For the year 2014, the company expects diluted earnings per share, excluding certain items, to be in the range of $2.50 to $2.95 and pretax income to be in the range of $455 million to $535 million, excluding certain items.

Avis Budget Group, Inc. Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Fiscal Year 2014

Avis Budget Group, Inc. reported consolidated earnings results for the first quarter ended March 31, 2014. For the quarter the company reported revenue of $1.9 billion, a 10% increase compared with the prior-year first quarter. Adjusted EBITDA increased 26% to $117 million compared to $93 million for the same period last year. The company reported net income of $18 million, or $0.16 per share, excluding certain items, and GAAP net income of $4 million, or $0.03 per share compared to net loss of $46 million, or $0.43 per share. Income before income taxes was $5 million compared to loss before income taxes was $57 million for the same period last year. Net cash provided by operating activities was $390 million. Capital expenditures were $37 million. Free Cash Flow was $30 million. For full-year 2014, the company expected revenue will be approximately $8.4 billion to $8.6 billion, a 6% to 8% increase compared to 2013. Adjusted EBITDA will increase 7% to 17%, to approximately $825 million to $900 million. Pretax income will be approximately $455 million to $535 million, excluding certain items. Its effective tax rate in 2014 will be approximately 38%, excluding certain items, and its diluted share count will be approximately 111 to 112 million, including the effect of repurchasing $200 million to $300 million of outstanding shares in 2014. Based on these expectations, the company estimates that its 2014 diluted earnings per share, excluding certain items, will increase approximately 14% to 34% compared to 2013, to $2.50 to $2.95. The company also continues to target $1 billion or more of adjusted EBITDA in 2015. The company project capital expenditures to be around $200 million this year as the company continue to invest in business, particularly digital presence in North America and Europe, as well as yield management. Free cash flow to be approximately $400 million.

 

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CAR

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Valuation CAR Industry Range
Price/Earnings 100.0x
Price/Sales 0.8x
Price/Book 9.0x
Price/Cash Flow 28.1x
TEV/Sales NM Not Meaningful
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