Avis (CAR) Tops Q3 Earnings & Sales, Tweaks View; Stock Up
Zacks Investment Research | Nov 03, 2016 07:01AM ET
Recovering from the back-to-back earnings misses in the last two quarters, Avis Budget Group Inc. (NASDAQ:CAR) came out with record third-quarter 2016 results, wherein both earnings and sales grew year over year, alongside topping estimates.
Results were mainly backed by strong pricing in the Americas region coupled with the company’s profit-boosting efforts. These also helped Avis to generate its highest quarterly adjusted EBITDA margin to date. The robust results were enough to drive investor sentiment, as reflected by a 1.2% rise in the stock price in the after-market trading session.
Q3 Highlights
The car rental company’s adjusted earnings came in at $2.47 per share, which surged 25% year over year and came in significantly ahead of the Zacks Consensus Estimate of $2.34. On a GAAP basis, the company’s earnings rose 29% to $2.28 per share.
AVIS BUDGET GRP Price, Consensus and EPS Surprise
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