Avis’ quarterly loss deepens, gross sales drop 22% in Q1

Avis Finances Group Inc.

late Monday reported one other quarterly loss and gross sales that dropped 22%, however the outcomes have been higher than anticipated and the inventory fell about 1% within the prolonged session. Avis stated it misplaced $170 million, or $2.43 a share, within the quarter, in contrast with a lack of $158 million, or $2.16 a share, within the year-ago quarter. Adjusted for one-time gadgets, Avis misplaced 46 cents a share. Gross sales fell to $1.37 billion, from $1.75 billion a yr in the past. Analysts polled by FactSet had anticipated an adjusted lack of $1.99 a share on gross sales of $1.31 billion. Avis additionally stated the continuing chip scarcity is inflicting “uncertainty” for its provide of automobiles, however it has been managing the scenario utilizing its expertise navigating different issues resembling car recollects. “We proceed to get new automobile deliveries every single day and imagine we are able to improve our fleet utilization effectivity to seize elevated demand,” Avis stated in an announcement. Shares of Avis ended the common buying and selling day down 0.7%.

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