Avis Budget Group said consumer demand for rental cars surged in the second quarter, helping the company generate all-time record adjusted earnings and triple its revenue.
Avis Budget posted adjusted earnings before interest, taxes and other expenses of $624 million, compared with a loss of $382 million during the same quarter last year.
Revenue surged 212 percent to $2.4 billion. Net income jumped to $398 million from a $481 million loss.
Rental car agencies have been stretched by the rapid turnaround in business from the pandemic lows that hit a year ago as much of the nation and world shut down in response to the COVID-19 crisis.
From 2020, Avis Budget posted an 84 percent increase in total rental days and a 108 percent increase this year for the Americas.
"This is the best quarter result in our company's history and a validation of all the hard work our team has put in since the pandemic began," CEO Joe Ferraro said in a statement on Wednesday.
Vehicle utilization for the quarter was at 71.3 percent compared with 35.1 percent in the same quarter last year. According to a press release, this improvement ensured Avis Budget's fleet was well positioned to meet the increased demand.