CAR - Avis accelerates on big earnings beat boost to buyback program

It would appear that Avis Budget Group (NASDAQ:CAR) tried more than hard enough in the first quarter. Shares of the car rental company soared over 10% on a massive earnings beat wherein the company posted GAAP EPS of $9.71, smashing the bar set by Wall Street at $3.54. Meanwhile, Revenue of $2.4 billion bested estimates by nearly $300 million. Additionally, adjusted EBITDA came in at a company record of $810 million for the quarter.   “Despite the impact of Omicron on the first half of the quarter, our team was able to quickly pivot to manage the significantly increasing demand during the back half of the quarter,” CEO Joe Ferraro said. “We focused on diligent fleet management and continued cost optimization to generate a new record first quarter Adjusted EBITDA.” Moving forward, Ferraro said the company is well positioned to take advantage of increasing fleet demand given a vehicle utilization rate

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Avis accelerates on big earnings beat, boost to buyback program