Avis Budget Group (CAR) Misses Q3 EPS by 21c, Sales Roughly In-Line; Reaffirms

Avis Budget Group (NASDAQ: CAR) reported Q3 EPS of $3.33, $0.21 worse than the analyst estimate of $3.54. Revenue for the quarter came in at $2.8 billion versus the consensus estimate of $2.81 billion.

GUIDANCE:

Company reaffirms its full-year projected 2018 Adjusted EBITDA

"Our Americas segment delivered record profits and a 50 basis point margin improvement in the third quarter driven by increased volume, higher underlying pricing and substantially lower per-unit fleet costs, partially offset by a challenging European environment this summer," said Larry De Shon, Avis Budget Group President and Chief Executive Officer. "As we enter the fourth quarter, industry fleet levels in the Americas are tight, leading to the best pricing environment we’ve seen in some time. As a result, we currently anticipate Americas Revenue per Day to increase for the fourth quarter and initial expectations for 2019 are looking good, helped by our new revenue management system, improving ancillary revenues and the absence of the impact of loyalty accounting."

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

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