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

Zacks Equity Research
·3-min read

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.

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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.

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

To read this article on Zacks.com click here.

Zacks Investment Research