Avis Group Holdings, Inc. (NYSE: AVI) announced today that it remains comfortable with its earnings projections for the third and fourth quarters of 2000, as well as the strength of its long-term business in light of recent announcements by industry competitors.
“All of our businesses continue to be consistently strong and we remain confident with the financial projections we have provided the investment community for the remainder of this calendar year and into 2001,” said A. Barry Rand, Chairman and Chief Executive Officer of Avis Group Holdings, Inc. “All of our most current data strongly support this position.”
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Kevin Sheehan, President of Corporate and Business Affairs, stated, “We began the year with a First Call consensus estimate of $2.80 and based on the strengths of each of our businesses, we have upgraded our 2000 and 2001 estimates to $3.13 and $3.98, respectively. Our confidence level is further strengthened with the closing of the BNP Paribas business as well as the strength of our fuel card businesses.
Avis Group Holdings, Inc. is one of the world’s leading service and
information providers of comprehensive automotive transportation and vehicle management solutions. Avis Group operates the second largest general-use car rental business in the world, with locations in the United States, Canada, Australia, New Zealand and the Latin American Caribbean region. In 1999, the Company acquired PHH Vehicle Management Services, the world’s second largest fleet management and leasing company, together with Wright Express, the world’s largest fleet card provider.
