Avis Budget reports Q1 EPS ($3.21), consensus ($2.70)

Reports Q1 revenue $2.55B, consensus $2.41B. “The strong travel demand from last year continued into the first quarter with record volume in the Americas as well as improved pricing trends as the quarter progressed,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “We took the necessary actions to get our fleet size in-line by disposing a record number of vehicles in the quarter allowing us to exit March with utilization in-line with prior year. The steps we have taken in the first quarter set us up well to take advantage of the peak spring and summer travel seasons.”