Avis Budget Group reported $2.2 billion in revenue in the
second quarter. That's flat year over year as pricing declined 5 percent,
though executives said rates since have begun to climb.
In the company's earnings call, president and CEO Larry De
Shon said the pricing decline stemmed from excess fleet in the industry, though
fleets began to return to normal levels during the end of the quarter. As such,
pricing has improved from June through early August, he said. "Looking
forward, I am now more optimistic that the industry issues we've been
contending with should be behind us," De Shon said.
In the Americas, pricing declined 4 percent year over year
in the second quarter, and rental days increased 2 percent. Revenue decreased 2
percent to $1.57 billion.
RELATED: Coverage of Avis Budget's Q1 earnings
Outside the Americas, rental days increased 11 percent as
pricing dropped 6 percent. Interim CFO Martyn Smith said part of that volume
growth came from "rebounding" corporate demand in the U.K. and
Australia. Revenue outside the Americas increased 4 percent year over year to
$673 million.
The
company reported a net income of $3 million for the quarter, down from $36
million in the second quarter of 2016.