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Avis Budget Group Reports Record Fourth Quarter 2013 Results

Stocks in this article: CAR

  • For the quarter, revenue increased 9% to $1.8 billion.
  • Adjusted EBITDA increased 46% to $114 million, excluding certain items.
  • Diluted earnings per share were $0.15, excluding certain items, on a GAAP net loss of $28 million.
  • Full-year diluted earnings per share were $2.20, excluding certain items, on GAAP net income of $16 million.
  • Free Cash Flow exceeds $400 million.
  • Company issues estimates of its full-year 2014 results.

PARSIPPANY, N.J., Feb. 19, 2014 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (Nasdaq:CAR) today reported results for its fourth quarter and year ended December 31, 2013. For the quarter, the Company reported revenue of $1.8 billion, a 9% increase compared with the prior-year fourth quarter. Excluding certain items, Adjusted EBITDA increased 46% to $114 million, net income increased to $17 million, and diluted earnings per share increased to $0.15. The Company reported a GAAP net loss of $28 million in the traditionally slower fourth quarter primarily due to restructuring costs incurred in Europe and debt-extinguishment expenses.

For the year, the Company reported revenue of $7.9 billion, an increase of 8% compared with 2012. Excluding certain items, Adjusted EBITDA decreased 8% to $769 million, the second-highest total in the Company's history, and net income was $256 million, or $2.20 per diluted share. The Company reported GAAP net income of $16 million.

"We had a strong year as we continued to realize the benefits of our long-term strategic plan. Our initiatives to accelerate growth in higher-profit customer segments and channels drove both strong volume and positive pricing. We also made a number of investments that not only expanded our global footprint, but also positioned us to benefit from faster-growing markets, highlighted by our acquisition of Zipcar," said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer. "We capped the year by delivering a 46% increase in Adjusted EBITDA in the fourth quarter, reflecting strong revenue growth and margin expansion, while continuing to return cash to shareholders through share repurchases."

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