Avis Budget Group (CAR) Misses Q2 EPS by 28c, Sales Miss

Avis Budget Group (NASDAQ: CAR) reported Q2 EPS of $0.30, $0.28 worse than the analyst estimate of $0.58. Revenue for the quarter came in at $2.2 billion versus the consensus estimate of $2.27 billion.

• Revenue at $2.2 billion was unchanged in the second quarter compared to prior year
• Second quarter 2017 net income of $3 million and earnings per diluted share of $0.04
• Adjusted EBITDA of $140 million, adjusted net income of $25 million and adjusted diluted earnings per share of $0.30 for the second quarter 2017
• Company identifies additional cost savings of $25 million, bringing its total 2017 savings to $75 million
• Company updates its 2017 Adjusted EBITDA and adjusted earnings per share estimates

Sees FY revenue of $8.8-$8.95 billion versus the consensus of $8.77 billion.

For earnings history and earnings-related data on Avis Budget Group (CAR) click here.

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