Avis Budget Group, Inc. (NYSE:CAR) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.04%.
Avis Budget Group, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 33.33% to $0.08 in the quarter versus EPS of $0.12 in the year-earlier quarter.
Revenue: Rose 4.19% to $1.69 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Avis Budget Group, Inc. reported adjusted EPS income of $0.08 per share. By that measure, the company beat the mean analyst estimate of $0.02. It missed the average revenue estimate of $1.7 billion.
Quoting Management: “The first quarter progressed largely as we had anticipated, highlighted by strong year-over-year pricing trends in North America, which helped offset expected increases in fleet costs, and marked by challenging economic conditions in Europe,” said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer. “Our acquisition of Zipcar is progressing as planned, and we are already implementing actions to capture the benefits we expect to realize from this transaction.”
Key Stats (on next page)…