Avis Budget Group (NASDAQ:) shares were trading more than 12% higher after-hours following the company’s reported Q1 results, with EPS of $9.99 coming in significantly better than the Street estimate of $3.45. Revenue grew 77% year-over-year to $2.4 billion (vs. Street’s $2.11 billion) driven by rental days as demand improved throughout Q1 and increased revenue per day.

Joe Ferraro CEO commented, “Despite Omicron’s impact on the first part of the quarter. Our team was quickly able to pivot to manage significantly increasing demand during half the quarter.” We focused on careful fleet management, continued cost optimization and generating a new record quarter adjusted EBITDA.

CAR shares were up by 35% since the beginning of this year, going into today’s earnings results.

By Davit Kirakosyan