Avis Budget Group Shares Edge Lower Despite Earnings, Revenue Beat
By Sam Boughedda
Investing.com — Avis Budget Group Inc (NASDAQ:CAR) announced earnings per share of $7.08 on revenue of $2.57 billion. Analysts polled by Investing.com anticipated EPS of $6.15 on revenue of $2.34 billion.
The company's revenue represented a 90% and 19% increase compared to the fourth quarters in 2020 and 2019. Avis said revenue was driven by increased revenue per day and rental days as demand continued from the third quarter.
Utilization for the quarter was 68.2%, with Avis stating that its fleet was well-positioned to meet demand.
Following the report, Avis shares are down 2.29% in extended trading to $190.26 per share.
“Our strong performance continued in the fourth quarter with all of our key metrics beating pre-pandemic levels in the Americas,” said Joe Ferraro, Avis Budget Group Chief Executive Officer.
“We were able to achieve these results and deliver the best year in our company's history despite the emergence of Omicron. This wouldn't have been possible without the tireless effort of our entire organization and I want to thank the team for helping us achieve these milestones,” he added.
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