Avis Budget Group announced an increase in profits and revenues for the last quarter, at the same time surpassing analysts’ estimates, as reported by foreign agencies.
Specifically, the car rental company reported net income of $774 million, or $15.71 per share, compared with $398 million, or $5.63 per share, a year earlier.
On an adjusted basis, Avis’ earnings came to $15.94 per share from $5.90 per share in the same quarter last year, beating analysts’ estimates in a FactSet poll of $11.48 per share.
Revenue, meanwhile, rose to $3.24 billion from $2.37 billion a year earlier and against analysts’ estimates of $3.17 billion.
Avis shares jumped more than 4% after the results were announced.
Source: Capital
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