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Adjusted earnings of $21.7 per share beat the Zacks Consensus Estimate by 46.6% and surged more than 100% year over year. Total revenues of $3.55 billion surpassed the consensus estimate by 0.7% and improved 18.2% year over year. The top line was backed by increased revenues per day and strong demand.
Revenues by Segment
Americas segment’s revenues of $2.7 billion were up 12% year over year. The segment contributed to 76.2% of total revenues.
International segment’s revenues of $844 million were up 41% year over year. The segment contributed to 23.8% of total revenues.
Profitability
Adjusted EBITDA was at $1,460 million, up 38% year over year. Adjusted EBITDA margin was 41.2% compared with 35.2% in the year-ago quarter.
Adjusted EBITDA for Americas was $1,185 million, up 24% year over year. The uptick was backed by record demand.
Internationally, adjusted EBITDA was $291 million, up more than 100% year over year. The uptick was backed by strong pricing and return of demand.
Balance Sheet and Cash Flow
Avis Budget exited third-quarter 2022 with cash and cash equivalents of $581 million compared with $579 million at the end of the prior quarter. Corporate debt was $4.59 billion compared with $4.65 billion at the end of the prior quarter.
CAR generated $1.49 billion net cash from operating activities in the reported quarter. Adjusted free cash flow was $878 million, while capital expenditures were $62 million in the reported quarter.
Omnicom Group Inc. (OMC - Free Report) reported impressive third-quarter 2022 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Earnings of $1.77 per share beat the consensus mark by 7.9% and increased 7.3% year over year, driven by a strong margin performance. Total revenues of $3.4 billion surpassed the consensus estimate by 3% and increased slightly year over year.
Equifax Inc. (EFX - Free Report) reported stellar third-quarter 2022 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Adjusted earnings (excluding 39 cents from non-recurring items) of $1.73 per share beat the Zacks Consensus Estimate by 5.5% but decreased 6.5% on a year-over-year basis. However, revenues of $1.24 billion beat the consensus estimate by 2.3% and improved 1.8% year over year on a reported basis and 4% on a local-currency basis.
The Interpublic Group of Companies, Inc. (IPG - Free Report) reported better-than-expected third-quarter 2022 results.
Adjusted earnings (excluding a penny from non-recurring items) of 63 cents per share beat the Zacks Consensus Estimate by 6.8%. The bottom line has been steady over the past year. Net revenues of $2.3 billion beat the consensus estimate by 0.3% but declined 9.7% on a year-over-year basis. Total revenues of $2.64 billion increased 3.8% year over year.
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Avis Budget (CAR) Stock Down 2.8% Since Q3 Earnings Beat
Avis Budget Group, Inc. (CAR - Free Report) reported better-than-expected third-quarter 2022 results wherein both earnings and revenues surpassed the Zacks Consensus Estimate.
However, better-than-expected results failed to impress the market as the stock has dipped 2.8% since the earnings release on Oct 31.
Avis Budget Group, Inc. Price, Consensus and EPS Surprise
Avis Budget Group, Inc. price-consensus-eps-surprise-chart | Avis Budget Group, Inc. Quote
Adjusted earnings of $21.7 per share beat the Zacks Consensus Estimate by 46.6% and surged more than 100% year over year. Total revenues of $3.55 billion surpassed the consensus estimate by 0.7% and improved 18.2% year over year. The top line was backed by increased revenues per day and strong demand.
Revenues by Segment
Americas segment’s revenues of $2.7 billion were up 12% year over year. The segment contributed to 76.2% of total revenues.
International segment’s revenues of $844 million were up 41% year over year. The segment contributed to 23.8% of total revenues.
Profitability
Adjusted EBITDA was at $1,460 million, up 38% year over year. Adjusted EBITDA margin was 41.2% compared with 35.2% in the year-ago quarter.
Adjusted EBITDA for Americas was $1,185 million, up 24% year over year. The uptick was backed by record demand.
Internationally, adjusted EBITDA was $291 million, up more than 100% year over year. The uptick was backed by strong pricing and return of demand.
Balance Sheet and Cash Flow
Avis Budget exited third-quarter 2022 with cash and cash equivalents of $581 million compared with $579 million at the end of the prior quarter. Corporate debt was $4.59 billion compared with $4.65 billion at the end of the prior quarter.
CAR generated $1.49 billion net cash from operating activities in the reported quarter. Adjusted free cash flow was $878 million, while capital expenditures were $62 million in the reported quarter.
Currently, Avis Budget carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Omnicom Group Inc. (OMC - Free Report) reported impressive third-quarter 2022 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Earnings of $1.77 per share beat the consensus mark by 7.9% and increased 7.3% year over year, driven by a strong margin performance. Total revenues of $3.4 billion surpassed the consensus estimate by 3% and increased slightly year over year.
Equifax Inc. (EFX - Free Report) reported stellar third-quarter 2022 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Adjusted earnings (excluding 39 cents from non-recurring items) of $1.73 per share beat the Zacks Consensus Estimate by 5.5% but decreased 6.5% on a year-over-year basis. However, revenues of $1.24 billion beat the consensus estimate by 2.3% and improved 1.8% year over year on a reported basis and 4% on a local-currency basis.
The Interpublic Group of Companies, Inc. (IPG - Free Report) reported better-than-expected third-quarter 2022 results.
Adjusted earnings (excluding a penny from non-recurring items) of 63 cents per share beat the Zacks Consensus Estimate by 6.8%. The bottom line has been steady over the past year. Net revenues of $2.3 billion beat the consensus estimate by 0.3% but declined 9.7% on a year-over-year basis. Total revenues of $2.64 billion increased 3.8% year over year.