Operations

First Quarter Satisfying for New Carey International Owner

LCT Staff
Posted on May 14, 2008

WASHINGTON, D.C. — Avis Budget Group was happy with Carey International’s first quarter performance. Carey International continued to perform to Avis' expectations, said David Wyshner, Avis' executive vice president and CFO.

Avis invested $60 million in Carey last October, giving the car rental company 45% of Carey's common stock. Avis has an option to increase to 80% within a year. "Strategically, the investment continues to be very attractive," he said.

Avis Budget Groups' first-quarter revenue was $1.4 billion, and adjusted pre-tax income of $17.1 million. Avis Budget Group, which also operates Avis and Budget’s car rental divisions, had a pre-tax loss of $18 million, or $5 million when mark-to-market losses on interest rate hedges are excluded.

Source: Business Travel News

LCT Staff LCT Staff
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