Avis Budget Group Stock Dips After Mixed Q4 Results
Portfolio Pulse from Erica Kollmann
Avis Budget Group, Inc. (NASDAQ:CAR) reported mixed Q4 results, with earnings per share of $7.10, surpassing estimates but showing a decrease from the previous year. Quarterly sales of $2.76 billion missed estimates slightly and also decreased year-over-year. Despite this, the company highlighted record full-year revenue of $12 billion for 2023, driven by strong demand. Shares dropped 3.48% in after-hours trading.
February 12, 2024 | 9:47 pm
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Avis Budget Group reported mixed Q4 results with higher than expected earnings but lower sales, leading to a 3.48% drop in after-hours trading.
The mixed Q4 results for Avis Budget Group, with earnings surpassing expectations but sales falling short, indicate a complex performance landscape. The immediate negative reaction in after-hours trading suggests investors may be focusing more on the sales miss and year-over-year declines than on the earnings beat and record annual revenue. This reaction could lead to short-term downward pressure on CAR's stock price.
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