We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Avis Budget (CAR) Stock Rises 3.8% Since Q1 Earnings Beat
Read MoreHide Full Article
Avis Budget Group, Inc. (CAR - Free Report) stock has gained 3.8% since its first-quarter 2022 earnings release on May 2. The price uptick can be attributed to better-than-expected earnings and revenue performance.
Image Source: Zacks Investment Research
Adjusted earnings of $9.99 per share beat the Zacks Consensus Estimate as well as the year-ago quarter’s reported figure by more than 100%. Total revenues of $2.43 billion surpassed the consensus estimate by 11.3% and improved 77.3% year over year. The top line was backed by increased revenues per day and a rise in rental days.
Revenues by Segment
Americas segment revenues of $2.00 billion were up 85% year over year. The segment contributed 82% of total revenues.
International segment revenues of $432 million were up 48% year over year. The segment contributed 18% of total revenues.
Profitability
Adjusted EBITDA was at $810 million, up more than 100% year over year. Adjusted EBITDA margin was 26.6% compared with 5.5% in the year-ago quarter.
Adjusted EBITDA for Americas was $810 million, up more than 100% year over year. The uptick was backed by strong pricing and increased demand.
Internationally, adjusted EBITDA was $23 million, up more than 100% year over year. The uptick was backed by strong pricing, volume and cost-mitigating actions.
Avis Budget Group, Inc. Price, Consensus and EPS Surprise
Avis Budget exited first-quarter 2022 with cash and cash equivalents of $550 million compared with $534 million at the end of the prior quarter. Corporate debt was $4.71 billion compared with $4.01 billion at the end of the prior quarter.
The company generated $1.15 billion of net cash from operating activities in the reported quarter. Adjusted free cash flow was $601 million and capital expenditures were $46 million in the reported quarter.
Equifax’s adjusted earnings of $2.22 per share beat the Zacks Consensus Estimate by 3.3% and improved 13% on a year-over-year basis. The reported figure exceeded the guided range of $2.08-$2.18.
Equifax’s revenues of $1.36 billion outpaced the consensus estimate by 2.4% and improved 12.4% year over year on a reported basis and 13% on a local-currency basis. The reported figure exceeded the guided range of $1.32-$1.34 billion.
Waste Management (WM - Free Report) reported solid first-quarter 2022 results, wherein the company’s earnings and revenues surpassed the Zacks Consensus Estimate.
Waste Management’s adjusted earnings per share of $1.29 beat the Zacks Consensus Estimate by 15.2% and improved 21.7% year over year.
Waste Management’s total revenues of $4.66 billion beat the consensus estimate by 4.6% and increased 13.4% year over year.
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Shutterstock
Avis Budget (CAR) Stock Rises 3.8% Since Q1 Earnings Beat
Avis Budget Group, Inc. (CAR - Free Report) stock has gained 3.8% since its first-quarter 2022 earnings release on May 2. The price uptick can be attributed to better-than-expected earnings and revenue performance.
Image Source: Zacks Investment Research
Adjusted earnings of $9.99 per share beat the Zacks Consensus Estimate as well as the year-ago quarter’s reported figure by more than 100%. Total revenues of $2.43 billion surpassed the consensus estimate by 11.3% and improved 77.3% year over year. The top line was backed by increased revenues per day and a rise in rental days.
Revenues by Segment
Americas segment revenues of $2.00 billion were up 85% year over year. The segment contributed 82% of total revenues.
International segment revenues of $432 million were up 48% year over year. The segment contributed 18% of total revenues.
Profitability
Adjusted EBITDA was at $810 million, up more than 100% year over year. Adjusted EBITDA margin was 26.6% compared with 5.5% in the year-ago quarter.
Adjusted EBITDA for Americas was $810 million, up more than 100% year over year. The uptick was backed by strong pricing and increased demand.
Internationally, adjusted EBITDA was $23 million, up more than 100% year over year. The uptick was backed by strong pricing, volume and cost-mitigating actions.
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 first-quarter 2022 with cash and cash equivalents of $550 million compared with $534 million at the end of the prior quarter. Corporate debt was $4.71 billion compared with $4.01 billion at the end of the prior quarter.
The company generated $1.15 billion of net cash from operating activities in the reported quarter. Adjusted free cash flow was $601 million and capital expenditures were $46 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.
Performance of Other Business Services Companies
Omnicom Group (OMC - Free Report) reported impressive first-quarter 2022 results, wherein the company’s earnings and revenues surpassed the Zacks Consensus Estimate.
Omnicom’s earnings of $1.39 per share beat the consensus mark by 8.6% and increased 4.5% year over year, driven by strong margin performance.
Omnicom’s total revenues of $3.4 billion surpassed the consensus estimate by 5.4% but declined slightly year over year.
Equifax (EFX - Free Report) reported better-than-expected first-quarter 2022 results.
Equifax’s adjusted earnings of $2.22 per share beat the Zacks Consensus Estimate by 3.3% and improved 13% on a year-over-year basis. The reported figure exceeded the guided range of $2.08-$2.18.
Equifax’s revenues of $1.36 billion outpaced the consensus estimate by 2.4% and improved 12.4% year over year on a reported basis and 13% on a local-currency basis. The reported figure exceeded the guided range of $1.32-$1.34 billion.
Waste Management (WM - Free Report) reported solid first-quarter 2022 results, wherein the company’s earnings and revenues surpassed the Zacks Consensus Estimate.
Waste Management’s adjusted earnings per share of $1.29 beat the Zacks Consensus Estimate by 15.2% and improved 21.7% year over year.
Waste Management’s total revenues of $4.66 billion beat the consensus estimate by 4.6% and increased 13.4% year over year.