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Avis Budget Group Stock Dips After Mixed Q4 Results

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Avis Budget Group, Inc. CAR reported mixed fourth-quarter financial results after the bell Monday. Here’s a look at the details.

The Details:

Avis Budget Group reported quarterly earnings of $7.10 per share which beat the analyst consensus estimate of $4.15 by 71.08%. This is a 32.12% decrease over earnings of $10.46 per share from the same period last year.

The company reported quarterly sales of $2.76 billion, missing the analyst consensus estimate of $2.81 billion by 1.64% and representing a 0.25% decrease over sales of $2.77 billion year-over-year.

“We concluded the year with record revenue and the second-best Adjusted EBITDA in our Company’s history. We achieved this through continued demand improvement, seasonally adjusted price well above historical levels, and reducing the costs in our control,” said Joe Ferraro, Avis Budget Group CEO.

“We finished the year with the highest volume of rentals in our fourth quarter history, and our employees seamlessly provided exceptional service. I want to thank them for their efforts, and we look forward to another successful year in 2024,” Ferraro added.

Avis Budget Group highlighted record full-year revenue of $12 billion for the year ended 2023, driven by strong demand.

The company will host a conference call to discuss the results at 8:30 a.m. ET on Tuesday.

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CAR Price Action: According to Benzinga Pro, Avis Budget Group shares are trading down 3.48% after-hours at $162.50 at the time of publication.

Image: djvalo from Pixabay

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