Avis Budget (CAR) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

For the quarter ended March 2024, Avis Budget Group (CAR) reported revenue of $2.55 billion, down 0.2% over the same period last year. EPS came in at -$3.21, compared to $7.72 in the year-ago quarter.

The reported revenue represents a surprise of +0.75% over the Zacks Consensus Estimate of $2.53 billion. With the consensus EPS estimate being -$3.15, the EPS surprise was -1.90%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Avis Budget performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Per-Unit Fleet Costs - Americas: $326 per unit fleet cost per month versus $297.9 per unit fleet cost per month estimated by three analysts on average.
  • Per-Unit Fleet Costs - International: $292 per unit fleet cost per month compared to the $283.5 per unit fleet cost per month average estimate based on three analysts.
  • Rental days - International: 10,360 Days compared to the 10,316.56 Days average estimate based on three analysts.
  • Revenue per day - Americas: $67.12 versus the three-analyst average estimate of $67.22.
  • Vehicle Utilization - Americas: 65.6% versus 67.8% estimated by three analysts on average.
  • Vehicle Utilization - International: 66.9% compared to the 67.9% average estimate based on three analysts.
  • Average rental fleet - Americas: 497,313 compared to the 488,259 average estimate based on three analysts.
  • Rental days - Total - Car Rental: 40,052 Days versus 39,971.42 Days estimated by three analysts on average.
  • Average rental fleet - International: 170,071 compared to the 172,860 average estimate based on three analysts.
  • Average rental fleet - Total - Car Rental: 667,384 versus the three-analyst average estimate of 661,119.
  • Geographic Revenue- International: $558 million versus $568.16 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +3.1% change.
  • Geographic Revenue- Americas: $1.99 billion versus $1.99 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -1.1% change.
View all Key Company Metrics for Avis Budget here>>>

Shares of Avis Budget have returned -21.9% over the past month versus the Zacks S&P 500 composite's -4.1% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

5 Stocks Set to Double

Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.

Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.

Today, See These 5 Potential Home Runs >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Avis Budget Group, Inc. (CAR) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.