Avis Budget Group Inc. (CAR) Expected to Announce Quarterly Sales of $2.84 Billion

Equities analysts expect Avis Budget Group Inc. (NASDAQ:CAR) to post sales of $2.84 billion for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Avis Budget Group’s earnings, with estimates ranging from $2.82 billion to $2.87 billion. Avis Budget Group posted sales of $2.75 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.3%. The firm is expected to announce its next quarterly earnings report after the market closes on Monday, November 5th.

On average, analysts expect that Avis Budget Group will report full year sales of $9.19 billion for the current year, with estimates ranging from $9.14 billion to $9.28 billion. For the next financial year, analysts anticipate that the company will report sales of $9.41 billion, with estimates ranging from $9.29 billion to $9.59 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Avis Budget Group.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, August 7th. The business services provider reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.39 billion. Avis Budget Group had a return on equity of 63.08% and a net margin of 4.46%. During the same quarter last year, the business posted $0.30 earnings per share.



CAR has been the subject of several recent research reports. Northcoast Research raised Avis Budget Group from a “neutral” rating to a “buy” rating and set a $46.00 price target for the company in a research report on Monday, July 30th. BidaskClub raised Avis Budget Group from a “hold” rating to a “buy” rating in a research report on Thursday, August 16th. Deutsche Bank set a $45.00 price objective on Avis Budget Group and gave the company a “buy” rating in a research report on Thursday. Barclays lowered their price objective on Avis Budget Group from $41.00 to $38.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 22nd. Finally, Zacks Investment Research downgraded Avis Budget Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 1st. Four equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $41.00.

In other news, Director Leonard S. Coleman, Jr. sold 13,000 shares of Avis Budget Group stock in a transaction on Friday, August 17th. The stock was sold at an average price of $34.63, for a total value of $450,190.00. Following the completion of the sale, the director now owns 2,339 shares of the company’s stock, valued at $80,999.57. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.80% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of CAR. Sei Investments Co. grew its position in Avis Budget Group by 12,509.1% during the first quarter. Sei Investments Co. now owns 4,161 shares of the business services provider’s stock valued at $195,000 after acquiring an additional 4,128 shares during the period. Stifel Financial Corp purchased a new stake in Avis Budget Group during the first quarter valued at about $240,000. Principal Financial Group Inc. grew its position in Avis Budget Group by 1.7% during the first quarter. Principal Financial Group Inc. now owns 309,148 shares of the business services provider’s stock valued at $14,480,000 after acquiring an additional 5,221 shares during the period. Millennium Management LLC grew its position in Avis Budget Group by 953.6% during the first quarter. Millennium Management LLC now owns 245,838 shares of the business services provider’s stock valued at $11,515,000 after acquiring an additional 222,504 shares during the period. Finally, Xact Kapitalforvaltning AB grew its position in Avis Budget Group by 50.1% during the first quarter. Xact Kapitalforvaltning AB now owns 9,288 shares of the business services provider’s stock valued at $435,000 after acquiring an additional 3,100 shares during the period.

Avis Budget Group stock opened at $27.90 on Thursday. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 41.18. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 8.25 and a beta of 1.89. Avis Budget Group has a fifty-two week low of $27.30 and a fifty-two week high of $50.88.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,450 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 company-operated locations that serve the consumer and light commercial sectors in the continental United States.

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Earnings History and Estimates for Avis Budget Group (NASDAQ:CAR)

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