Avis Budget Group (CAR) Tops Q3 EPS by 98c
Avis Budget Group (NASDAQ: CAR) reported Q3 EPS of $1.13, $0.98 better than the analyst estimate of $0.15. Revenue for the quarter came in at $1.53 billion versus the consensus estimate of $1.45 billion.
Removes an Additional $1 Billion of Expenses in Third Quarter
Despite revenue being down 44% compared to the same period in the prior year, we achieved positive Adjusted EBITDA of $220 million in the third quarter through cost removal actions and sizing fleet to demand by selling over 100,000 vehicles globally. During the quarter we removed approximately $1 billion of costs, bringing the total to $2 billion year to date, and we are now on track to deliver more than $2.5 billion of cost removal for the full year.
For earnings history and earnings-related data on Avis Budget Group (CAR) click here.