Avis Budget Group, Inc. (CAR - Free Report) reported better-than-expected fourth-quarter 2022 results wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Adjusted earnings (excluding 36 cents from non-recurring items) of $10.46 per share beat the Zacks Consensus Estimate by 52.7% and surged 47.7% year over year. Total revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 2.1% and improved 7.9% year over year. The top line was backed by strong demand and pricing.
Segment-wise Revenues
Americas’ revenues of $2.2 billion (79.5% of total revenues) were up 5% year over year.
International segment’s revenues of $567 million (20.5% of total revenues) were up 21% year over year.
Profitability
Adjusted EBITDA was $658 million, down 4% year over year. Adjusted EBITDA margin was 23.7% compared with 26.6% in the year-ago quarter.
Adjusted EBITDA for Americas was $624 million, down 7% year over year.
Internationally, adjusted EBITDA was $63 million, up 97% year over year. The uptick was backed by strong pricing and return of demand.
Balance Sheet and Cash Flow
Avis Budget exited fourth-quarter 2022 with cash and cash equivalents of $570 million compared with $581 million at the end of the prior quarter. Corporate debt was $4.67 billion compared with $4.59 billion at the end of the prior quarter.
CAR generated $845 million net cash from operating activities in the reported quarter. Adjusted free cash flow was $736 million, while capital expenditures were $140 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.
Earnings Snapshots
Robert Half International Inc. (RHI - Free Report) reported mixed fourth-quarter 2022 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed.
Quarterly earnings of $1.37 per share beat the Zacks Consensus Estimate by 1.5% but declined 9.3% year over year. Revenues of $1.73 billion missed the Zacks Consensus Estimate by 0.6% and decreased 2.4% year over year.
Automatic Data Processing, Inc. (ADP - Free Report) reported better-than-expected second-quarter fiscal 2023 results.
Adjusted earnings per share of $1.96 beat the Zacks Consensus Estimate by 0.5% and grew 19% from the year-ago fiscal quarter’s reading. Total revenues of $4.4 billion beat the Zacks Consensus Estimate by 0.3% and improved 9.1% from the year-ago fiscal quarter’s reading on a reported basis and 10% on an organic constant-currency basis.
Booz Allen Hamilton Holding Corp. (BAH - Free Report) reported impressive third-quarter fiscal 2023 results, with both earnings and revenues beating the respective Zacks Consensus Estimate. Quarterly adjusted earnings (excluding 84 cents from non-recurring items) per share of $1.07 beat the Zacks Consensus Estimate by 4.9% and increased 4.9% on a year-over-year basis.
Total revenues of $2.3 billion beat the Zacks Consensus Estimate by 4% and increased 12.1% on a year-over-year basis.
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Avis Budget Group, Inc. (CAR - Free Report) reported better-than-expected fourth-quarter 2022 results wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Adjusted earnings (excluding 36 cents from non-recurring items) of $10.46 per share beat the Zacks Consensus Estimate by 52.7% and surged 47.7% year over year. Total revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 2.1% and improved 7.9% year over year. The top line was backed by strong demand and pricing.
Segment-wise Revenues
Americas’ revenues of $2.2 billion (79.5% of total revenues) were up 5% year over year.
International segment’s revenues of $567 million (20.5% of total revenues) were up 21% year over year.
Profitability
Adjusted EBITDA was $658 million, down 4% year over year. Adjusted EBITDA margin was 23.7% compared with 26.6% in the year-ago quarter.
Adjusted EBITDA for Americas was $624 million, down 7% year over year.
Internationally, adjusted EBITDA was $63 million, up 97% year over year. The uptick was backed by strong pricing and return of demand.
Balance Sheet and Cash Flow
Avis Budget exited fourth-quarter 2022 with cash and cash equivalents of $570 million compared with $581 million at the end of the prior quarter. Corporate debt was $4.67 billion compared with $4.59 billion at the end of the prior quarter.
CAR generated $845 million net cash from operating activities in the reported quarter. Adjusted free cash flow was $736 million, while capital expenditures were $140 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.
Earnings Snapshots
Robert Half International Inc. (RHI - Free Report) reported mixed fourth-quarter 2022 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed.
Quarterly earnings of $1.37 per share beat the Zacks Consensus Estimate by 1.5% but declined 9.3% year over year. Revenues of $1.73 billion missed the Zacks Consensus Estimate by 0.6% and decreased 2.4% year over year.
Automatic Data Processing, Inc. (ADP - Free Report) reported better-than-expected second-quarter fiscal 2023 results.
Adjusted earnings per share of $1.96 beat the Zacks Consensus Estimate by 0.5% and grew 19% from the year-ago fiscal quarter’s reading. Total revenues of $4.4 billion beat the Zacks Consensus Estimate by 0.3% and improved 9.1% from the year-ago fiscal quarter’s reading on a reported basis and 10% on an organic constant-currency basis.
Booz Allen Hamilton Holding Corp. (BAH - Free Report) reported impressive third-quarter fiscal 2023 results, with both earnings and revenues beating the respective Zacks Consensus Estimate. Quarterly adjusted earnings (excluding 84 cents from non-recurring items) per share of $1.07 beat the Zacks Consensus Estimate by 4.9% and increased 4.9% on a year-over-year basis.
Total revenues of $2.3 billion beat the Zacks Consensus Estimate by 4% and increased 12.1% on a year-over-year basis.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
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