Published: February 13, 2023 at 4:11 pm ET
By Kathryn Hardison
Avis Budget Group Inc. reported Monday that its fourth-quarter revenue rose 8% on low-cost vacation travel and strength in its commercial business. Here’s what you need to know:
REVENUE: The rental car company posted revenue of $2.77 billion, up from $2.57 billion a year earlier. Analysts polled by FactSet had expected $2.67…
By Kathryn Hardison
Avis Budget Group Inc. reported Monday that its fourth-quarter revenue rose 8% on low-cost vacation travel and strength in its commercial business. Here’s what you need to know:
REVENUE: The rental car company posted revenue of $2.77 billion, up from $2.57 billion a year earlier. Analysts polled by FactSet had expected $2.67 billion.
EARNINGS: Net income rose to $424 million, or $10.10 per share, for the period ended Dec. 31, compared with $381 million, or $6.63 per share, a year earlier. Adjusted earnings per share came in at $10.46, above the $6.68 per share analysts were looking for.
WHAT A LOOK:
— DEMAND: The company said its higher revenue was driven by higher revenue per day and strong demand from its commercial and leisure travel business. Chief Executive Joe Ferraro said its trading business performed “well above 2019 levels”.
–1Q UPDATE: The Parsippany, NJ-based company did not provide an official outlook for the first quarter or full year, although Mr. Ferraro noted that demand trends from the fourth quarter have continued into the current period.
Email Kathryn Hardison at kathryn.hardison@wsj.com
