Avis Budget Group, Inc (NASDAQ:CAR) shares are trading higher in Monday’s after-hours session on the heels of the company’s second-quarter report. Here’s a rundown of the results and a look at what’s driving the action.
What Happened: The company reported quarterly earnings of $11.01 per share, a decrease over earnings of $15.71 per share from the same period last year. The company reported quarterly sales of $3.12 billion which missed the analyst consensus estimate of $3.19 billion, a 3.73% decrease over sales of $3.24 billion the same period last year.
The company’s liquidity position at the end of the quarter was $1.1 billion, with an additional $1.1 billion of fleet funding capacity.
“Our strong second quarter results continued to showcase the earnings power of our Company. These results reflect the hard work of our team and their exceptional ability to capitalize on a strong and increasing travel demand environment,” said Joe Ferraro, Avis Budget Group CEO.
“Summer travel has continued to be robust with elevated peak period demand and seasonally improved pricing. Our teams remain focused and ready as we transition into our busiest season of the year.”
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CAR Price Action: CAR shares were up 2.59% after hours at $226.00 at the time of publication, according to Benzinga Pro.
Image by Silviu on the street from Pixabay
