Avis Budget Group Reports Q3 GAAP EPS Miss Despite Revenue Beat
Avis Budget Group (CAR) reported third-quarter financial results that presented a mixed picture for investors. While the company's revenue of $3.44 billion exceeded analyst expectations by $30 million, it represented a 1.7% decline compared to the same period last year. The primary driver of market concern was a significant miss in profitability; GAAP earnings per share (EPS) came in at $5.15, falling $3.16 short of consensus estimates. Following the announcement, shares experienced a sharp decline of approximately 9.5% in after-hours trading.
Tickers: $CAR