Avis Budget Group (CAR) Releases Earnings Results, Misses Expectations By $-0.22 EPS

Avis Budget Group (CAR) reported quarterly earnings results on Tuesday, May-3-2016. The company reported $-0.28 earnings per share for the quarter, missing the analyst consensus estimate by $-0.22. Analysts had a consensus of $-0.06. The company posted revenue of $1881.00 million in the period, compared to analysts expectations of $1879.35 million. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 EPS.

Many Wall Street Analysts have commented on Avis Budget Group. Avis Budget Group was Initiated by Sterne Agee CRT to “Buy” on Mar 22, 2016. Shares were Reiterated by MKM Partners on Feb 25, 2016 to “Buy” and Lowered the Price Target to $ 38 from a previous price target of $63 .Shares were Reiterated by Barclays on Feb 25, 2016 to “Equal Weight” and Lowered the Price Target to $ 29 from a previous price target of $35 .

Avis Budget Group closed down -0.47 points or -1.87% at $24.63 with 20,90,662 shares getting traded on Monday. Post opening the session at $25.16, the shares hit an intraday low of $24.58 and an intraday high of $25.52 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

In a different news, on Mar 1, 2016, W Alun Cathcart (director) purchased 20,000 shares at $25.06 per share price. According to the SEC, on Feb 26, 2016, Eduardo G Mestre (director) purchased 20,000 shares at $23.77 per share price. On Dec 14, 2015, Ronald L Nelson (Chairman and CEO) sold 40,000 shares at $34.79 per share price, according to the Form-4 filing with the securities and exchange commission.

Avis Budget Group Inc. is a provider of vehicle rental and car sharing services. The Company operates three brands which include Avis Budget and Zipcar. Avis is a rental car supplier and Budget is a rental vehicle supplier. The Company also own Payless a car rental brand and Apex which is a car rental brand in New Zealand and Australia. The Company operates in three segments: North America International and Truck Rental. North America segment provides car rentals in the United States and vehicle rentals in Canada as well as ancillary products and services. International segment provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products in Europe the Middle East Africa Asia South America Central America the Caribbean Australia and New Zealand. Truck Rental segment provides truck rentals and ancillary products and services to consumers and commercial users in the United States.

Avis Budget Group

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