Avis Budget Q1 Loss Widens

(RTTNews) - Avis Budget Group Inc. (CAR) reported that its first quarter net loss winded to $158 million or $2.16 per share, from $91 million or $1.20 per share in the prior year.

Adjusted net loss was $103 million or $1.40 per share for the latest-quarter.

Revenues were $1.75 billion, down from $1.92 billion in the prior year.

First quarter revenues decreased 8% compared to prior year excluding a $20 million negative impact from currency exchange rate movements, comprised of a 7% decrease in Rental Days and a 1% decrease in Revenue per Day, excluding exchange rate effects.

The company anticipates revenues being approximately 80% lower in April and May compared to the prior year, with a gradual recovery in June and improving thereafter, as shelter in place restrictions are lifted and leisure travel begins to resume. The company's current reservations show improvement in June and sequentially increase over the balance of the summer.