Avis Budget Group revenue grew 1% year over year to $2.78 billion during the third quarter as the company's commercial rental volume increased by the same percentage. Rental days rose 1% in the Americas and 7% in the rest of the world. Pricing, in terms of time and mileage per day, increased worldwide.
President and CEO Larry De Shon said tight fleet levels in the Americas have led to a better pricing environment for the Americas in the fourth quarter. As commercial volume has risen, the company also has seen some increases in pricing for its commercial customers -- including small business, midmarket and even some large-market customers, DeShon said.
"It's too early to call it a trend, but I'm excited because we haven't seen that environment in some time," he said. "Whether it will be positive overall for the year I don't know, but if it's negative, it will not be nearly as negative as it has been."
Avis Budget Group reported a net income of $213 million for the quarter, down from $245 million in the third quarter of 2017.
Source: Business Travel News