Avis Budget Group, Inc. (CAR - Free Report) reported better-than-expected second-quarter 2022 results wherein both earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings of $15.94 per share beat the Zacks Consensus Estimate by 30.4% and surged more than 100% year over year. Total revenues of $3.24 billion surpassed the consensus estimate by 5.2% and improved 36.7% year over year. The top line was backed by increased revenues per day and strong demand.
Revenues by Segment
Americas segment’s revenues of $2.57 billion were up 30% year over year. The segment contributed to 79% of total revenues.
International segment’s revenues of $677 million were up 71% year over year. The segment contributed to 20.9% of total revenues.
Profitability
Adjusted EBITDA was at $1,205 million, up 93% year over year. Adjusted EBITDA margin was 37.1% compared with 26.3% in the year-ago quarter.
Adjusted EBITDA for Americas was $1,041 million, up 64% year over year. The uptick was backed by strong pricing and increased demand.
Internationally, adjusted EBITDA was $183 million, up more than 100% year over year. The uptick was backed by strong pricing and volume.
Balance Sheet and Cash Flow
Avis Budget exited second-quarter 2022 with cash and cash equivalents of $579 million compared with $550 million at the end of the prior quarter. Corporate debt was $4.65 billion compared with $4.71 billion at the end of the prior quarter.
CAR generated $1.23 billion of net cash from operating activities in the reported quarter. Adjusted free cash flow was $510 million and capital expenditures were $30 million in the reported quarter.
Currently, Avis Budget carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Performances of Some Other Business Services Companies
Equifax (EFX - Free Report) reported mixed second-quarter 2022 results, wherein earnings beat estimates but revenues missed the same.
EFX’s adjusted earnings of $2.09 per share beat the Zacks Consensus Estimate by 3% and improved 5.6% on a year-over-year basis. Revenues of $1.32 billion missed the consensus estimate marginally but improved 6.6% year over year.
IQVIA Holdings (IQV - Free Report) reported solid second-quarter 2022 results, wherein its earnings and revenues surpassed the Zacks Consensus Estimate.
IQV’s adjusted earnings per share of $2.44 beat the consensus mark by 2.1% and improved 15% on a year-over-year basis. Total revenues of $3.54 billion outpaced the consensus estimate by 1.2% and increased 3% year over year.
Omnicom Group (OMC - Free Report) reported impressive second-quarter 2022 results, wherein OMC’s earnings and revenues surpassed the Zacks Consensus Estimate.
OMC’s earnings of $1.68 per share beat the consensus mark by 7.7% and increased 15.1% year over year, driven by a strong margin performance. Total revenues of $3.6 billion surpassed the consensus estimate by 4.4% but declined slightly year over year.
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Avis Budget Group, Inc. (CAR - Free Report) reported better-than-expected second-quarter 2022 results wherein both earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings of $15.94 per share beat the Zacks Consensus Estimate by 30.4% and surged more than 100% year over year. Total revenues of $3.24 billion surpassed the consensus estimate by 5.2% and improved 36.7% year over year. The top line was backed by increased revenues per day and strong demand.
Revenues by Segment
Americas segment’s revenues of $2.57 billion were up 30% year over year. The segment contributed to 79% of total revenues.
International segment’s revenues of $677 million were up 71% year over year. The segment contributed to 20.9% of total revenues.
Profitability
Adjusted EBITDA was at $1,205 million, up 93% year over year. Adjusted EBITDA margin was 37.1% compared with 26.3% in the year-ago quarter.
Adjusted EBITDA for Americas was $1,041 million, up 64% year over year. The uptick was backed by strong pricing and increased demand.
Internationally, adjusted EBITDA was $183 million, up more than 100% year over year. The uptick was backed by strong pricing and volume.
Balance Sheet and Cash Flow
Avis Budget exited second-quarter 2022 with cash and cash equivalents of $579 million compared with $550 million at the end of the prior quarter. Corporate debt was $4.65 billion compared with $4.71 billion at the end of the prior quarter.
CAR generated $1.23 billion of net cash from operating activities in the reported quarter. Adjusted free cash flow was $510 million and capital expenditures were $30 million in the reported quarter.
Currently, Avis Budget carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Performances of Some Other Business Services Companies
Equifax (EFX - Free Report) reported mixed second-quarter 2022 results, wherein earnings beat estimates but revenues missed the same.
EFX’s adjusted earnings of $2.09 per share beat the Zacks Consensus Estimate by 3% and improved 5.6% on a year-over-year basis. Revenues of $1.32 billion missed the consensus estimate marginally but improved 6.6% year over year.
IQVIA Holdings (IQV - Free Report) reported solid second-quarter 2022 results, wherein its earnings and revenues surpassed the Zacks Consensus Estimate.
IQV’s adjusted earnings per share of $2.44 beat the consensus mark by 2.1% and improved 15% on a year-over-year basis. Total revenues of $3.54 billion outpaced the consensus estimate by 1.2% and increased 3% year over year.
Omnicom Group (OMC - Free Report) reported impressive second-quarter 2022 results, wherein OMC’s earnings and revenues surpassed the Zacks Consensus Estimate.
OMC’s earnings of $1.68 per share beat the consensus mark by 7.7% and increased 15.1% year over year, driven by a strong margin performance. Total revenues of $3.6 billion surpassed the consensus estimate by 4.4% but declined slightly year over year.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
>>Send me my free report on the top 5 EV stocks<<
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