Europcar Pulls Earnings Forecast Amid Resurgent Virus in Europe

New restrictions imposed across Europe to curb the spread of Covid-19 forced Europcar Mobility Group to withdraw its earnings guidance for the remainder of this year, with the firm anticipating a return to pre-virus trading only by 2023, Bloomberg News reported. The French car rental group pulled its prediction for the 2020 financial year “due to the uncertainties derived from the second wave” of the virus, it said in a statement on Monday as it presented its third quarter results. Europcar’s business is heavily dependent on international travel, which was brought to a halt by the pandemic and remains sluggish. The company is now focusing on saving cash and negotiating a reduction of its 1.3 billion euros ($1.6 billion) of net corporate debt with creditors and shareholders. Read more