Avis Budget Group Shares Surge 12% on Strong Q1 Earnings Beat

Avis Budget Group (NASDAQ: CAR) 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.

"Despite the impact of Omicron on the first half of the quarter, our team was able to quickly pivot to manage the significantly increasing demand during the back half of the quarter," CEO Joe Ferraro commented. "We focused on diligent fleet management and continued cost optimization to generate a new record first quarter Adjusted EBITDA."

Shares of CAR were up 35% year-to-date going into the earnings results.

By Davit Kirakosyan

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