CAR - Avis Budget reports record Q4 adjusted EBITDA tally

Avis Budget Group (NASDAQ:CAR) gave back some of its Monday gain after reporting earnings after the bell. The car rental company disclosed 91% revenue growth for the quarter against the soft pandemic comparable. Net income was $381M and adjusted EBITDA was $683M to mark the company's best fourth quarter tally in history. Avis Budget Group (CAR) said its liquidity position at the end of the quarter was approximately $757M with an additional $2.6B of fleet funding capacity. The company noted that it has well-laddered corporate debt and no meaningful maturities until 2024. "Our strong performance continued in the fourth quarter with all of our key metrics beating pre-pandemic levels in the Americas," noted CEO Joe Ferraro. Shares of Avis Budget (CAR) fell 2.45% in after-hours trading after jumping 7.43% before the report dropped.

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Avis Budget reports record Q4 adjusted EBITDA tally