Sep. 30, 2014, 2:37 PM
- Shares of Avis Budget (CAR -5.5%) are lower after management warns that fleet costs could be on the high end of its guidance.
- The company is presenting today at a Deutsche Bank conference.
- Hertz (HTZ -2.9%) has skipped lower as well off the outlook from its peer.
Aug. 19, 2014, 5:59 PM
- Hertz (NYSE:HTZ) now expects 2014 results to be "well below the low end" of prior guidance due to "operational challenges in the rental car and equipment segments," and its ongoing accounting review.
- The "challenges" include heavy vehicle recall activity, "significantly higher-than-expected" U.S. opex, "issues and delays" in the installation of ERP and counter systems, and "continued soft demand" in the equipment rental market.
- Hertz's audit committee has "directed the Company to conduct a review of the financial records for fiscal years 2011, 2012 and 2013 and their impact, if any, on 2014." Hertz notes additional errors might be found.
- U.S. rental car revenue rose 4% Y/Y in Q2; rental car revenue/day rose "slightly." International rental car revenue rose 7%, and equipment rental revenue 1%.
- Lead independent director George W. Tamke is resigning, and will be replaced by director Linda Fayne Levinson. Rent A Car Americas chief Scott Sider is retiring. Sider's responsibilities will be assumed by other execs.
- Avis (NASDAQ:CAR) is following Hertz lower.
Aug. 4, 2014, 5:18 PM
- With a Q2 beat on the books, Avis (NASDAQ:CAR) now expects 2014 revenue of $8.6B-$8.7B, above an $8.49B consensus. Full-year EPS guidance of $2.75-$3.05 is in-line with a $2.88 consensus.
- Rental days rose 8% Y/Y in Q2. Excluding the Payless acquisition, North American volume rose 5% Y/Y, and pricing 4%. International rental days grew 2%, and total revenue per rental day 6%.
- North American revenue +12% Y/Y to $1.43B (slightly lifted by Payless). International revenue +7% to $667M. Truck rental revenue -2% to $100M.
- $75M was spent on buybacks Avis plans to spend $225M-$300M on buybacks in 2014.
- Q2 results, PR
Aug. 4, 2014, 4:18 PM| Comment!
Aug. 3, 2014, 5:35 PM
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Jun. 2, 2014, 2:52 PM
- The Pennsylvania Insurance Department is out with a warning to motorists to check their insurance policies before jumping into a ride-sharing program.
- Insurance coverage for vehicles being driven by someone other than an owner in a ride-sharing program is limited in many cases, notes the group.
- The development could be a concern for ride-sharing players such as Lyft (owned by GSV Capital), Zipcar (CAR), and Uber.
Jun. 2, 2014, 1:49 PM| Comment!
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May 6, 2014, 5:35 PM
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Jan. 9, 2014, 2:05 PM
- Private on-demand car service Uber says it will cut fares in 16 markets across the country.
- The price drops vary widely from 2% to 34%.
- The upstart company is more of a thorn in the sides of taxi companies than the car rental giants Avis Budget (CAR -0.5%) and Hertz (HTZ -0.4%), but its recent round of $258M in financing from Google Ventures keeps it a concept to watch.
Dec. 31, 2013, 10:01 AM
- Shares of Hertz Global (HTZ +6.5%) shoot up on heavy volume a day after the company adopted a poison pill in reaction to an unusual amount of recent buying.
- CNBC's David Faber speculates a large activist investor is behind the action with a master plan to separate the equipment leasing business and increase the company's buyback allowance.
- Wells Fargo's Richard Kwas noted that investors may be drawn to the name due to the value creation of a potential spin-off of Hertz's equipment rental unit. And, Hertz (+69.3% on the year) has lagged peers like Avis Budget (+103.5%) and United Rentals (+70.7%) in 2013.
- Wellington Management is the largest shareholder of Hertz with a 9.2% stake.
- Avis Budget (CAR +2.2%) is also higher off the fresh buzz in the car rental space.
Dec. 11, 2013, 7:43 AM
Dec. 5, 2013, 3:22 PM
- Zipcar announces it will start its car-sharing service at Chicago's O'Hare and Midway airports.
- The subsidiary of Avis Budget (CAR -0.4%) is now in 26 airports globally.
- What to watch: The acquisition of Zipcar by Avis drew some criticism because of the hard-to-ignore fact that the car-sharing service could rep a trade-down for some consumers. After Avis promised $50M-$70M to $70M in deal synergies, it might be on the hot seat to deliver.
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