Avis Budget took a first-quarter loss on one-time items — an expense related to an early payoff of some debt and last October’s acquisition of Avis Europe.
Avis Budget took a first-quarter loss of $23 million, compared to a year-earlier net profit of $7 million. Revenue jumped 31% to $1.62 billion, primarily on the Avis Europe acquisition. Excluding Avis Europe, revenue rose 5%.
Avis Budget’s North America revenue increased 4%, as a 7% increase in rental days more than offset a 3% decline in pricing.
Fleet costs per vehicle fell 21% on continually strong prices the company fetches when it sells vehicles into the used-car market. First-quarter used-car pricing rose 1.3% from a year earlier, according to Manheim Consulting.
Avis Budget acquired Avis Europe in October for about $1 billion. The company also engaged in a bidding war with Hertz for Dollar Thrifty starting in 2010 before bowing out of the process last fall to focus on the Avis Europe buyout.
Follow Danny King on Twitter@dktravelweekly.