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Tuesday, August 6, 2019

=Avis Budget (CAR) reported earnings on Tue 6 Aug 2019 (b/o)

Avis Budget beats by $0.06, reports revs in-line; reaffirms FY19 guidance; increases share repurchase authorization by $100 mln

  • Reports Q2 (Jun) earnings of $0.79 per share, excluding non-recurring items, $0.06 better thanthe S&P Capital IQ Consensus of $0.73; revenues rose 0.4% year/year to $2.34 bln vs the $2.35 bln S&P Capital IQ Consensus; Adjusted EBITDA increased to $175 million, up 9% from prior year.
  • Coreaffirms guidancefor FY19, sees EPS of $3.35-4.20, excluding non-recurring items, vs. $4.08 S&P Capital IQ Consensus; sees FY19 revs of $9.2-9.5 bln vs. $9.23 bln S&P Capital IQ Consensus.
  • Increased share repurchase authorization by $100 million to a total of $250 million. "We are executing on our strategic initiatives and are seeing meaningful benefits from our partnerships with Lyft, Via, Fetch, Waymo, and Otonomo. We are also pleased to announce our new partnership with Uber to expand our ride-hail fleet initiative. These initiatives continue to provide opportunities within the mobility industry for our customers while improving profitability and maintaining our position as a global leader in mobility solution."
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