Avis Budget Group (CAR) Misses Q1 EPS by 21c, Sales Beat; Reaffirms Outlook

Avis Budget Group (NASDAQ: CAR) reported Q1 EPS of ($0.28), $0.21 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $1.9 billion versus the consensus estimate of $1.88 billion.

GUIDANCE:

Avis Budget Group sees FY2016 EPS of $2.70-$3.30, versus the consensus of $2.97. Avis Budget Group sees FY2016 revenue of $8.75-8.9 billion.

“Our first quarter results reflect modest demand growth and unusually soft pricing in the Americas,” said Larry De Shon, Avis Budget Group Chief Executive Officer. “In this environment, we managed our costs and fleet levels carefully. Pricing has already started to turn the corner, and we expect to see progressive improvement in both our pricing metrics and our earnings comparisons over the course of the year.”

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

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