We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
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) Gains 28% Despite Earnings Miss in Q1
Read MoreHide Full Article
Avis Budget Group, Inc. (CAR - Free Report) reported mixed first-quarter 2024 results, wherein earnings missed the Zacks Consensus Estimate but revenues beat the same.
The stock has gained 28.3% since its earnings release on May 1 despite the earnings miss.
CAR’s adjusted loss was $3.2 per share compared with the Zacks Consensus Estimate of a loss of $3.15 and year-ago earnings of $7.72. Total revenues of $2.6 billion beat the consensus estimate by a slight margin but decreased marginally year over year.
Avis Budget’s shares have lost 1.6% over the past month compared with the marginal decline of the industry it belongs to.
Revenues from Americas amounted to $2 billion, reflecting a decrease of 1% from the year-ago quarter. The metric was in line with our estimate.
International revenues were $558 million, up 3% year over year. The figure missed our estimation of $567.1 million.
Profitability
Adjusted EBITDA was $12 million, down 98% from fourth-quarter 2023. The Americas segment reported an adjusted EBITDA of $44 million, which declined 91% from the year-ago quarter. Internationally, adjusted EBITDA loss was reported to be $15 million, down more than 100% from the year-ago quarter.
Balance Sheet and Cash Flow
Avis Budget exited the first quarter with cash and cash equivalents of $522 million compared with $555 million at the end of fourth-quarter 2023. Corporate debt amounted to $5.4 billion compared with $4.82 billion reported in the preceding quarter.
CAR generated $589 million in net cash from operating activities. Adjusted free cash flow utilized amounted to $639 million. Capital expenditures were $56 million.
Avis Budget currently carries a Zacks Rank #4 (Sell).
Equifax Inc. (EFX - Free Report) reported mixed first-quarter results.
EFX’s adjusted earnings (excluding 50 cents from non-recurring items) were $1.5 per share, beating the Zacks Consensus Estimate by 4.2% and increasing 4.9% from the year-ago quarter. Total revenues of $1.4 billion missed the consensus estimate by a slight margin but increased 6.7% from the year-ago quarter.
APTV’s quarterly adjusted earnings of $1.16 per share beat the Zacks Consensus Estimate by 10.5% and increased 27.5% year over year. Revenues of $4.9 billion missed the consensus estimate by 1.7% but increased 1.7% year over year.
TT’s adjusted earnings per share of $1.94 surpassed the Zacks Consensus Estimate by 18.3% and increased 37.6% year over year. Revenues of $4.2 billion beat the consensus mark by 5.7% and increased 15% year over year on a reported basis and 14% organically.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
Avis Budget (CAR) Gains 28% Despite Earnings Miss in Q1
Avis Budget Group, Inc. (CAR - Free Report) reported mixed first-quarter 2024 results, wherein earnings missed the Zacks Consensus Estimate but revenues beat the same.
The stock has gained 28.3% since its earnings release on May 1 despite the earnings miss.
CAR’s adjusted loss was $3.2 per share compared with the Zacks Consensus Estimate of a loss of $3.15 and year-ago earnings of $7.72. Total revenues of $2.6 billion beat the consensus estimate by a slight margin but decreased marginally year over year.
Avis Budget’s shares have lost 1.6% over the past month compared with the marginal decline of the industry it belongs to.
Avis Budget Group, Inc. Price and EPS Surprise
Avis Budget Group, Inc. price-eps-surprise | Avis Budget Group, Inc. Quote
Segmental Revenues
Revenues from Americas amounted to $2 billion, reflecting a decrease of 1% from the year-ago quarter. The metric was in line with our estimate.
International revenues were $558 million, up 3% year over year. The figure missed our estimation of $567.1 million.
Profitability
Adjusted EBITDA was $12 million, down 98% from fourth-quarter 2023. The Americas segment reported an adjusted EBITDA of $44 million, which declined 91% from the year-ago quarter. Internationally, adjusted EBITDA loss was reported to be $15 million, down more than 100% from the year-ago quarter.
Balance Sheet and Cash Flow
Avis Budget exited the first quarter with cash and cash equivalents of $522 million compared with $555 million at the end of fourth-quarter 2023. Corporate debt amounted to $5.4 billion compared with $4.82 billion reported in the preceding quarter.
CAR generated $589 million in net cash from operating activities. Adjusted free cash flow utilized amounted to $639 million. Capital expenditures were $56 million.
Avis Budget currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Snapshot
Equifax Inc. (EFX - Free Report) reported mixed first-quarter results.
EFX’s adjusted earnings (excluding 50 cents from non-recurring items) were $1.5 per share, beating the Zacks Consensus Estimate by 4.2% and increasing 4.9% from the year-ago quarter. Total revenues of $1.4 billion missed the consensus estimate by a slight margin but increased 6.7% from the year-ago quarter.
Aptiv PLC (APTV - Free Report) reported mixed first-quarter 2024 results.
APTV’s quarterly adjusted earnings of $1.16 per share beat the Zacks Consensus Estimate by 10.5% and increased 27.5% year over year. Revenues of $4.9 billion missed the consensus estimate by 1.7% but increased 1.7% year over year.
Trane Technologies plc (TT - Free Report) reported better-than-expected first-quarter results.
TT’s adjusted earnings per share of $1.94 surpassed the Zacks Consensus Estimate by 18.3% and increased 37.6% year over year. Revenues of $4.2 billion beat the consensus mark by 5.7% and increased 15% year over year on a reported basis and 14% organically.