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Avis Budget (CAR) Q2 Earnings and Revenues Beat Estimates
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Avis Budget Group, Inc. (CAR - Free Report) reported solid second-quarter 2021 results wherein earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings of $5.90 per share beat the Zacks Consensus Estimate as well as the year-ago quarter’s figure by more than 100%. Total revenues of $2.37 billion surpassed the consensus estimate by 13.7% and improved more than 100% year over year. The top line was backed by increased revenue per day.
So far this year, shares of Avis Budget have gained 100.9% compared with 54.8% rise of the industry it belongs to.
Image Source: Zacks Investment Research
Revenues by Segment
Americas segment revenues of $1.97 billion were up more than 100% year over year. The segment contributed 83% of total revenues.
International segment revenues of $397 million were up more than 100% year over year. The segment contributed 17% of total revenues.
Profitability
Adjusted EBITDA was at $624 million, up more than 100% year over year. Adjusted EBITDA margin was 26.3% in the reported quarter.
Adjusted EBITDA for Americas was $634 million, up more than 100% year over year. The uptick was backed by continued sequential revenue growth and sustained cost discipline.
Internationally, adjusted EBITDA was $8 million, up more than 100% year over year. The uptick was backed by solid cost-reduction efforts to meet demand as international recovery continues.
Avis Budget Group, Inc. Price, Consensus and EPS Surprise
Avis Budget exited second-quarter 2021 with cash and cash equivalents of $1.32 billion compared with $576 million at the end of the prior quarter. Corporate debt was $4.29 billion compared with $4.28 billion at the end of the prior quarter.
The company generated $919 million of net cash from operating activities in the reported quarter. Adjusted free cash outflow was $796 million and capital expenditures were $24 million in the reported quarter.
Equifax’s (EFX - Free Report) second-quarter 2021 adjusted earnings of $1.98 per share beat the Zacks Consensus Estimate by 15.8% and improved on a year-over-year basis. Revenues of $1.23 billion outpaced the consensus estimate by 6.4% and improved 26% year over year on a reported basis and 23% on a local-currency basis.
Robert Half’s (RHI - Free Report) second-quarter 2021 earnings of $1.33 per share beat the consensus mark by 26.7% and were up more than 100% year over year. Revenues of $1.6 billion surpassed the consensus mark by 6.5% and increased 42.3% year over year on a reported basis and 40% on an adjusted basis.
ManpowerGroup’s (MAN - Free Report) second-quarter 2021 adjusted earnings of $2.02 per share beat the consensus mark by 68.2% and improved more than 100% year over year. Revenues of $5.28 billion beat the consensus mark by 2% and inched up 41% year over year on a reported basis and 31.3% on a constant-currency (cc) basis.
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Avis Budget (CAR) Q2 Earnings and Revenues Beat Estimates
Avis Budget Group, Inc. (CAR - Free Report) reported solid second-quarter 2021 results wherein earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings of $5.90 per share beat the Zacks Consensus Estimate as well as the year-ago quarter’s figure by more than 100%. Total revenues of $2.37 billion surpassed the consensus estimate by 13.7% and improved more than 100% year over year. The top line was backed by increased revenue per day.
So far this year, shares of Avis Budget have gained 100.9% compared with 54.8% rise of the industry it belongs to.
Image Source: Zacks Investment Research
Revenues by Segment
Americas segment revenues of $1.97 billion were up more than 100% year over year. The segment contributed 83% of total revenues.
International segment revenues of $397 million were up more than 100% year over year. The segment contributed 17% of total revenues.
Profitability
Adjusted EBITDA was at $624 million, up more than 100% year over year. Adjusted EBITDA margin was 26.3% in the reported quarter.
Adjusted EBITDA for Americas was $634 million, up more than 100% year over year. The uptick was backed by continued sequential revenue growth and sustained cost discipline.
Internationally, adjusted EBITDA was $8 million, up more than 100% year over year. The uptick was backed by solid cost-reduction efforts to meet demand as international recovery continues.
Avis Budget Group, Inc. Price, Consensus and EPS Surprise
Avis Budget Group, Inc. price-consensus-eps-surprise-chart | Avis Budget Group, Inc. Quote
Balance Sheet and Cash Flow
Avis Budget exited second-quarter 2021 with cash and cash equivalents of $1.32 billion compared with $576 million at the end of the prior quarter. Corporate debt was $4.29 billion compared with $4.28 billion at the end of the prior quarter.
The company generated $919 million of net cash from operating activities in the reported quarter. Adjusted free cash outflow was $796 million and capital expenditures were $24 million in the reported quarter.
Currently, Avis Budget carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Performance of Other Business Services Companies
Equifax’s (EFX - Free Report) second-quarter 2021 adjusted earnings of $1.98 per share beat the Zacks Consensus Estimate by 15.8% and improved on a year-over-year basis. Revenues of $1.23 billion outpaced the consensus estimate by 6.4% and improved 26% year over year on a reported basis and 23% on a local-currency basis.
Robert Half’s (RHI - Free Report) second-quarter 2021 earnings of $1.33 per share beat the consensus mark by 26.7% and were up more than 100% year over year. Revenues of $1.6 billion surpassed the consensus mark by 6.5% and increased 42.3% year over year on a reported basis and 40% on an adjusted basis.
ManpowerGroup’s (MAN - Free Report) second-quarter 2021 adjusted earnings of $2.02 per share beat the consensus mark by 68.2% and improved more than 100% year over year. Revenues of $5.28 billion beat the consensus mark by 2% and inched up 41% year over year on a reported basis and 31.3% on a constant-currency (cc) basis.