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Avis Budget (CAR) Q1 Earnings and Revenues Beat Estimates
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Avis Budget Group, Inc. (CAR - Free Report) ) reported impressive first-quarter 2023 results wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Adjusted earnings of $7.72 per share beat both the Zacks Consensus Estimate and our estimate by more than 100% but plunged 22.7% year over year. Total revenues of $2.56 billion surpassed the consensus estimate by 2.2% and our estimate by 7.6% and improved 5.1% year over year. The top line was backed by strong demand and pricing.
Avis Budget has increased 8.1% in the year-to-date period as compared to its industry’s 10.2% increase.
Avis Budget Group, Inc. Price, Consensus and EPS Surprise
The Americas segment’s revenues of $2 billion (78.8% of total revenues) were up 1% year over year.
The International segment’s revenues of $541 million (21.2% of total revenues) were up 25% year over year.
Profitability
Adjusted EBITDA was $535 million, down 34% year over year. Adjusted EBITDA margin was 20.9%, compared with 33.3% in the year-ago quarter.
Adjusted EBITDA for the Americas segment was $516 million, down 36% year over year.
Internationally, adjusted EBITDA was $50 million, up more than 100% year over year. The uptick was backed by strong pricing and demand.
Balance Sheet and Cash Flow
Avis Budget exited first-quarter 2023 with cash and cash equivalents of $548 million, compared with $570 million at the end of the prior quarter. Corporate debt was $4.7 billion, compared with $4.67 billion at the end of the prior quarter.
CAR generated $819 million in net cash from operating activities in the reported quarter. Adjusted free cash flow was $30 million, while capital expenditures were $56 million in the reported quarter.
Equifax (EFX - Free Report) reported better-than-expected first-quarter 2023 results. Adjusted earnings (excluding 52 cents from non-recurring items) came in at $1.43 per share, beating the Zacks Consensus Estimate by 4.4% but declining 35.6% from the year-ago figure. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% on a reported basis from the year-ago figure. The top line was down 3% on a local currency basis.
Omnicom (OMC - Free Report) reported better-than-expected first-quarter 2023 results. OMC’s earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimates by 11.4%. Earnings per share increased 12.2% year over year. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. The top line increased 1% year over year.
Fiserv reported impressive first-quarter 2023 results, wherein earnings and revenues beat the Zacks Consensus Estimate. Adjusted earnings per share (excluding 69 cents from non-recurring items) of $1.58 increased 12.9% year over year, beating the consensus mark by 1.3%. Earnings beat our estimate by 2.6%. Adjusted revenues of $4.28 billion beat the Zacks Consensus Estimate by 3% and increased 9.5% year over year. Revenues surpassed our estimates by 4.65%.
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Avis Budget (CAR) Q1 Earnings and Revenues Beat Estimates
Avis Budget Group, Inc. (CAR - Free Report) ) reported impressive first-quarter 2023 results wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate.
Adjusted earnings of $7.72 per share beat both the Zacks Consensus Estimate and our estimate by more than 100% but plunged 22.7% year over year. Total revenues of $2.56 billion surpassed the consensus estimate by 2.2% and our estimate by 7.6% and improved 5.1% year over year. The top line was backed by strong demand and pricing.
Avis Budget has increased 8.1% in the year-to-date period as compared to its industry’s 10.2% increase.
Avis Budget Group, Inc. Price, Consensus and EPS Surprise
Avis Budget Group, Inc. price-consensus-eps-surprise-chart | Avis Budget Group, Inc. Quote
Segmental Revenues
The Americas segment’s revenues of $2 billion (78.8% of total revenues) were up 1% year over year.
The International segment’s revenues of $541 million (21.2% of total revenues) were up 25% year over year.
Profitability
Adjusted EBITDA was $535 million, down 34% year over year. Adjusted EBITDA margin was 20.9%, compared with 33.3% in the year-ago quarter.
Adjusted EBITDA for the Americas segment was $516 million, down 36% year over year.
Internationally, adjusted EBITDA was $50 million, up more than 100% year over year. The uptick was backed by strong pricing and demand.
Balance Sheet and Cash Flow
Avis Budget exited first-quarter 2023 with cash and cash equivalents of $548 million, compared with $570 million at the end of the prior quarter. Corporate debt was $4.7 billion, compared with $4.67 billion at the end of the prior quarter.
CAR generated $819 million in net cash from operating activities in the reported quarter. Adjusted free cash flow was $30 million, while capital expenditures were $56 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 Snapshot
Equifax (EFX - Free Report) reported better-than-expected first-quarter 2023 results. Adjusted earnings (excluding 52 cents from non-recurring items) came in at $1.43 per share, beating the Zacks Consensus Estimate by 4.4% but declining 35.6% from the year-ago figure. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% on a reported basis from the year-ago figure. The top line was down 3% on a local currency basis.
Omnicom (OMC - Free Report) reported better-than-expected first-quarter 2023 results. OMC’s earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimates by 11.4%. Earnings per share increased 12.2% year over year. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. The top line increased 1% year over year.
Fiserv reported impressive first-quarter 2023 results, wherein earnings and revenues beat the Zacks Consensus Estimate. Adjusted earnings per share (excluding 69 cents from non-recurring items) of $1.58 increased 12.9% year over year, beating the consensus mark by 1.3%. Earnings beat our estimate by 2.6%. Adjusted revenues of $4.28 billion beat the Zacks Consensus Estimate by 3% and increased 9.5% year over year. Revenues surpassed our estimates by 4.65%.