Avid Budget Group, Inc. (NASDAQ:CAR) shares traded higher after the company beat estimates on the top and bottom lines in the third-quarter.
Here's a look at the details in the earnings report.
- CAR stock is moving. See the real-time price action here.
The Details: Avis Budget reported quarterly earnings of $10.11 per share which beat the analyst estimate of $8.78 by 15.12%
Quarterly revenue came in at $3.51 billion, which beat the Street estimate of $3.45 billion.
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Avis Budget Group reported the following Q3 highlights:
- Revenues were $3.5 billion, with revenue per day, excluding exchange rate effects, down 1%, and rental days, up 1% as compared to the third quarter of 2024.
- Adjusted EBITDA in the Americas was $398 million compared to $384 million in the same period last year, driven by lower fleet costs and an increase in rental days, partially offset by a decrease in revenue per day as compared to third quarter 2024.
- Adjusted EBITDA in International was $190 million compared to $139 million in the same period last year, driven by stronger revenue per day and lower fleet costs, partially offset by a decrease in rental days.
“This quarter marked meaningful progress for Avis Budget Group as we returned to revenue growth while continuing to invest in our future. We remain focused on leading the industry through innovation and a steadfast commitment to delivering an exceptional customer experience,” said Brian Choi, Avis Budget Group CEO.
CAR Stock Price: According to data from Benzinga Pro, Avis Budget stock was up 9.16% at $169.39 in Monday's extended trading.
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