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ZipCar posts membership gains in New York, Boston, San Francisco

ZipCar posts membership gains in New York, Boston, San Francisco

Posting in Technology

ZipCar makes headway in New York, Boston, Washington and San Francisco as it posts Q2 earnings of $61.6 million, a 34 percent increase from a year ago.

ZipCar continues to make a strong showing after its initial public offering a year ago.

The leading car-sharing company on Wednesday reported Q2 earnings of $61.6 million, a 34 percent increase from the same time a year ago.

The company now counts 605,000 members among its ranks, a 29 percent increase from the same time a year ago. It recently launched in Providence, R.I. and Sacramento, Calif.

Perhaps most interestingly, usage revenue per vehicle per day increased to $65 from $59 during the same time a year ago.

More quick numbers for the quarter:

  • Revenue increased 34 percent year-over-year to $61.6 million.
  • Usage revenue represented $53.3 million. Revenue growth was primarily attributed to increased membership. Secondary reasons were the acquisition of Streetcar and modest price increases to offset higher fuel costs.
  • Revenue for Zipcar's "established markets" -- Boston, New York, Washington, D.C., San Francisco -- grew 25 percent year over year to $34.4 million, thanks to new members.
  • US GAAP net loss in the second quarter of 2011 was $5.6 million, or $(0.17) per basic and diluted share, compared to a loss of $5.2 million, or $(0.95) per basic and diluted share, in the same time a year ago.

Thanks to the good showing, the company increased its 2011 outlook and expects revenue between $67 million and $69 million in the third quarter of 2011, putting its year-end revenue totals somewhere around $240 million.

ZipCar said it's working to finalize the integration of car-sharing service Streetcar in the U.K. after its acquisition in April 2010, and plans to expand into continental Europe.

ZipCar also says its new Android mobile application has "helped to stimulate increased activity" among its members.

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Andrew Nusca

Editor Emeritus

Andrew Nusca is editor of SmartPlanet and an associate editor for ZDNet. Previously, he worked at Money, Men's Vogue and Popular Mechanics magazines. He holds degrees from the Columbia University Graduate School of Journalism and New York University. He is based in New York but resides in Philadelphia. Follow him on Twitter. Disclosure