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Avis Budget Group Reports Record 2012 Results

Stocks in this article: CAR

  • For the year, revenue grew to $7.4 billion, a 25% increase from 2011.
  • Adjusted EBITDA increased 38% to $840 million in 2012, excluding certain items, the highest level in the Company's history.
  • Full-year pretax income was $463 million, excluding certain items, and $300 million on a reported basis.
  • Diluted earnings per share increased 47%, excluding certain items, to $2.43.
  • Company issues estimates of its full-year 2013 results.

PARSIPPANY, N.J., Feb. 13, 2013 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (Nasdaq:CAR) today reported results for its fourth quarter and year ended December 31, 2012. The Company reported full-year revenue of $7.4 billion, an increase of 25% compared with 2011. Excluding certain items, Adjusted EBITDA increased 38% to $840 million and pretax income increased to $463 million. The Company's Adjusted EBITDA margin expanded by more than 100 basis points to 11.4% in 2012, excluding certain items. Reported pretax income of $300 million was impacted by acquisition-related expenses and debt extinguishment costs as well as restructuring charges primarily in its International segment.

For the fourth quarter, the Company reported revenue of $1.7 billion, a 4% increase compared with the prior-year fourth quarter. Excluding certain items, Adjusted EBITDA increased 22% to $78 million. The Company reported a pretax loss of $11 million in the traditionally slower fourth quarter, excluding certain items, and a GAAP pretax loss of $63 million primarily due to acquisition-related expenses, debt extinguishment costs and restructuring initiatives.

"We delivered record results in 2012, aided by the robust used car market in the first half of the year. Our results reflected organic revenue growth augmented by the additions of Avis Europe and Apex, continued margin expansion, and record earnings per share, excluding certain items," said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer. "As we look forward, not only are we looking to deliver solid results in 2013; we have also set our sights on reaching $1 billion of Adjusted EBITDA by 2015 by focusing relentlessly on profitable growth, enhancing our customers' experience and driving efficiencies throughout our organization."

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