Shares of Avis Budget Group Inc. jumped after hours on Monday, after the car-rental chain reported fourth-quarter results that beat expectations
The company reported fourth-quarter net income of $424 million, or $10.10 a share, compared with $381 million, or $6.63 a share, in the same quarter in 2021. Revenue rose 8% to $2.77 billion, compared with $2.57 billion in the prior-year quarter.
The company reported fourth-quarter net income of $424 million, or $10.10 a share, compared with $381 million, or $6.63 a share, in the same quarter in 2021. Revenue rose 8% to $2.77 billion, compared with $2.57 billion in the prior-year quarter. Analysts polled by FactSet expected Avis to report adjusted earnings per share of $6.68, on revenue of $2.67 billion.
Avis’s management in October said it was confident that its “strong summer performance” would carry into the fall and holiday season despite concerns of a downturn. The company has said it offloaded older vehicles with more mileage and brought in new ones, and its rental fleet size increased in the third quarter.
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