Stock Groups

Avis Budget Group Shares Edge Lower Despite Earnings, Revenue Beat -Breaking

by Mike Robinson

[ad_1]

© Reuters.

Sam Boughedda

Investing.com — Avis Budget Group Inc (NASDAQ:)Announced earnings per share at $7.08 on revenues of $2.57 Billion According to analysts polled Investing.comOn revenue of $2.34 trillion, the anticipated earnings per share (EPS) are $6.15

Revenue for the company increased by 90% and 19% compared with 2020 and 2019 fourth quarters. Avis stated that revenue is driven by an increase in revenue per day as well as rental days, which continued to be a strong demand since the third quarter.

The quarter’s utilization was 68%. Avis stated that the fleet is well-positioned for meeting demand.

Avis shares fell 2.29% to $190.26 per Share after the report.

“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.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from relying on data including charts, buy/sell signals, and quotes. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]