Avis Budget Shares Up 5% on Strong Q2 Earnings Beat on Record Revenue
2022.08.02 00:30
Avis Budget Shares Up 5% on Strong Q2 Earnings Beat on Record Revenue
By Davit Kirakosyan
Avis Budget Group (NASDAQ:CAR) shares rose nearly 5% after-hours Monday following the car rental company’s reported Q2 results, with EPS of $15.94 coming in better than the consensus estimate of $11.59.
Revenue grew 37% year-over-year to $3.24 billion, beating the consensus estimate of $3.19 billion, and representing the highest quarterly revenue in company history.
“Through enhanced revenue generation, diligent fleet management and stringent cost control, we generated another record quarter for the Company, highlighted by the Americas reporting over one billion of Adjusted EBITDA for the first time in a quarter and International achieving their highest second quarter Adjusted EBITDA ever,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “Our team continues to excel at managing the increased demand of our customers while supplying the outstanding service they have come to expect. I want to thank all the employees for their continued tireless efforts in helping us achieve this milestone.”
