CAR - Avis Budget rallies after higher pricing drives earnings topper

Avis Budget Group (NASDAQ:CAR) shoots higher after topping estimates with its Q3 earnings report on segment performance that was stronger across the board On an operating basis, Bank of America notes that the massive beat against expectations was entirely driven by much stronger pricing (revenue per day) due to the significant supply vs. demand imbalance in the quarter, as well as much lower fleet cost per unit due to tight inventory in the used vehicle market more broadly. Importantly, CAR is also noted to have repurchased 11.6M shares of common stock during the quarter to reduce its outstanding share count by 16% and make the EPS consensus mark easier to hit. Shares of CAR are up 6.67% premarket to $182.90 after the earnings topper.

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Avis Budget rallies after higher pricing drives earnings topper