Avis Budget (CAR) Beats Q4 Earnings Estimates, Lags Revenues
Zacks Investment Research | Feb 20, 2019 09:26PM ET
Avis Budget Group, Inc. (NASDAQ:CAR) reported mixed fourth-quarter 2018 results, wherein earnings surpassed the Zacks Consensus Estimate but revenues lagged the same. In response to earnings beat, shares climbed 9.8% in after-hours trading yesterday.
Adjusted earnings per share of 53 cents beat the consensus mark by 22 cents and increased 17.8% year over year. The bottom line benefited from higher Americas pricing and lower per-unit fleet costs.
Revenues of $2.05 billion fell short of the consensus estimate by $10 million but increased 1.5% year over year. The company reported top-line growth for the ninth consecutive year. The top line was driven by a 3% increase in volume and strength across Americas pricing, which was, however, partially offset by a $32 million effect from currency exchange movements and soft International performance.
Over the past year, shares of Avis Budget have lost 33.4% against 15.5% gain recorded by the Zacks Investment Research
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