Avis Budget revenue beat expectation on travel, commercial boost

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Avis Budget revenue beat expectation on travel, commercial boost

By Liz Moyer

Investing.com -- Avis Budget Group Inc (NASDAQ: CAR ) beat expectations for fourth-quarter earnings, saying revenue rose 8% on strong holiday travel and its commercial operations.

Shares of the rental car company rose 4.2% in after-hours trading. They are up 34.5% so far this year.

Fourth quarter revenue of $2.77 billion compared to expectations for $2.67B. Earnings per share were $10.10. On an adjusted basis, EPS for the quarter was $10.46 compared with expectations for $6.81 a share.

"Our fourth quarter demand was strong with our commercial business performing well above 2019 levels, and the leisure segment continuing its strong performance, especially over the holiday period. These trends have continued into the first quarter,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “2022 was a record setting year for our Company, and I want to thank our team, all around the world, for their outstanding efforts and look forward to another successful year in 2023.”

The company said full-year revenue rose 29% compared to 2021 and 31% compared to 2019, reaching $12.0B, the strongest in its history. Net income was $2.8B and earnings were $4.1B, both also full-year records.

The company added $1B to its share buyback authorization.

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