Avis Budget reports record earnings in 2014

Avis Budget Group achieved record adjusted earnings (EBITDA) of $876 million in 2014, up by 14% on the previous year.

The company reported revenue of $8.5 billion, an increase of 7% over 2013.

Net income was up by 35% to $327 million, with the car rental giant forecasting a 2015 revenue increase of 4% to $8.8 billion and earnings up to between $900 million and $1 billion, including a $40 million negative impact from movements in currency exchange rates.

Pre-tax profits for this year are expected come in between $535 million and $635 million, excluding certain items, the company said.

Chairman and chief executive Ronald Nelson said: “We had a record year in 2014 as we saw incremental benefits from our key strategic initiatives, and reported our second consecutive year of increased pricing in North America.”

The company acquired its Avis and Budget licenses for Norway, Sweden and Denmark for $50 million last month.

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