By Maitane Sardon

 

Europcar Mobility Group SA on Thursday reported an increase in sales in the first quarter and a swing to positive adjusted Ebitda.

The French car-rental company said revenue came in at 567.4 million euros ($599.1 million) in the first three months of the year, up from EUR355.7 million in the year prior.

The company reported first-quarter adjusted corporate earnings before interest, taxes, depreciation and amortization of EUR31.2 million, compared with a loss of EUR44.4 million the same quarter in 2021.

The company said the results were driven by a recovery in demand in both Europe and the U.S. to prepandemic levels.

Europcar said it sees revenue and adjusted Ebitda increasing in 2022 versus last year, although it expects demand to remain constrained by a fleet shortage and macroeconomic uncertainties.

The company said the tender offer of Green Mobility Holding, the holding of the bidder consortium that includes Volkswagen AG, is making progress and it expects the transaction to be completed in the second quarter of 2022.

 

Write to Maitane Sardon at maitane.sardon@wsj.com

 

(END) Dow Jones Newswires

April 28, 2022 13:09 ET (17:09 GMT)

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