Why Avis Budget Stock Surged Thursday [Yahoo! Finance]
Avis Budget Group, Inc. (CAR)
Last avis budget group, inc. earnings: 2/19 04:00 pm
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US:NASDAQ Investor Relations:
ir.avisbudgetgroup.com
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Source: Yahoo! Finance
The stock finished up 20.1%. Avis shifts into high gear Revenue in the quarter was flat at $2.6 billion, which topped estimates at $2.41 billion. The company said rental days were up 5% from the first quarter of 2023, a sign of solid demand, though it also shows that prices came down by a similar percentage. The first quarter is the seasonally slowest in the car rental industry, but Avis Budget still posted an adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) profit of $12 million, though that was down sharply from $535 million in the quarter a year ago. Profits were impacted by the company's decision to reduce its fleet size and dispose of a record number of vehicles. That led to the company reporting a loss per share of $3.21, which was worse than the consensus at $2.70, but investors seemed willing to overlook that, given the better-than-expected top-line performance. CEO Joe Ferraro said, "The strong travel demand from last year conti
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News
- Car Rental Market size is set to grow by USD 157.34 billion from 2024-2028, rise in vehicle ownership cost to boost the market growth, Technavio [Yahoo! Finance]Yahoo! Finance
- Avis Budget Group Announces Pricing of €200 Million of Senior NotesGlobeNewswire
- Avis Budget Group Announces Intention to Offer €200 Million of Senior NotesGlobeNewswire
- Avis Budget (CAR) Gains 28% Despite Earnings Miss in Q1 [Yahoo! Finance]Yahoo! Finance
- Avis Budget Group: Company Getting Very Attractive Now But Caution Warranted [Seeking Alpha]Seeking Alpha
CAR
Earnings
- 5/1/24 - Miss
CAR
Sec Filings
- 5/2/24 - Form 10-Q
- 5/1/24 - Form 8-K
- 4/3/24 - Form DEFA14A
- CAR's page on the SEC website