BUZZ-Avis Budget rises on lower costs forecast, despite quarterly earnings miss

Reuters11-02

** Shares of Avis Budget rise 13% to $94.08 after car rental company forecast lower costs for its 2025 fleet, despite reporting quarterly results that missed analyst estimates

** CAR is on track for the biggest daily pct gain since May and highest close since August, this year

** CAR is on track to start 2025 with substantially fewer cars in 2025 than in 2024 and its holding costs are set to be lower, as new cars become affordable, President Avis Budget and Chief Executive Joseph Ferraro said during an earnings call

** "Based on our model year 2025 fleet buy, we are well positioned to have lower holding costs as we rotate in the new fleet. We saw a robust volume in the quarter, and we'll continue to prioritize higher margin business as we remain selective regarding lower-margin brand-agnostic customers" - Ferraro

** CAR had reported rev of $3.48 bln vs est. of $3.53 bln; and EPS of $6.65 vs expectations of $8.18

** Among nine analysts covering CAR, the median PT is $117.50 and avg. rating is "buy", according to data compiled by LSEG

** CAR is down ~47%, YTD, with today's move

(Reporting by Chibuike Oguh in New York)

((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2480564488?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-02 03:03","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2480564488","market":"us","top_or_hot":-1,"title":"BUZZ-Avis Budget rises on lower costs forecast, despite quarterly earnings miss","media":"Reuters","content":"<html><body><p>** Shares of Avis Budget    rise 13% to $94.08 after car rental company forecast lower costs for its 2025 fleet, despite reporting quarterly results that missed analyst estimates</p><p>   ** CAR is on track for the biggest daily pct gain since May and highest close since August, this year</p><p>       ** CAR is on track to start 2025 with substantially fewer cars in 2025 than in 2024 and its holding costs are set to be lower, as new cars become affordable, President Avis Budget and Chief Executive Joseph Ferraro said during an earnings call</p><p>   ** \"Based on our model year 2025 fleet buy, we are well positioned to have lower holding costs as we rotate in the new fleet. We saw a robust volume in the quarter, and we'll continue to prioritize higher margin business as we remain selective regarding lower-margin brand-agnostic customers\" - Ferraro</p><p>   ** CAR had reported rev of $3.48 bln vs est. of $3.53 bln; and EPS of $6.65 vs expectations of $8.18</p><p>   ** Among nine analysts covering CAR, the median PT is $117.50 and avg. rating is \"buy\", according to data compiled by LSEG</p><p>   ** CAR is down ~47%, YTD, with today's move</p><p> (Reporting by Chibuike Oguh in New York)</p><p>((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BUZZ-Avis Budget rises on lower costs forecast, despite quarterly earnings miss</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBUZZ-Avis Budget rises on lower costs forecast, despite quarterly earnings miss\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-02 03:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>** Shares of Avis Budget    rise 13% to $94.08 after car rental company forecast lower costs for its 2025 fleet, despite reporting quarterly results that missed analyst estimates   ** CAR is on track ...</p>\n\n<a href=\"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CAR","symbol_name":"安飞士","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2480564488","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2480564488","pubTimestamp":1730487818,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"** Shares of Avis Budget    rise 13% to $94.08 after car rental company forecast lower costs for its 2025 fleet, despite reporting quarterly results that missed analyst estimates   ** CAR is on track ","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"CAR":"安飞士"},"translate_title":"尽管季度盈利未达预期，但由于成本预测较低，Avis预算仍上涨","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CAR":1},"content_text":"** Shares of Avis Budget    rise 13% to $94.08 after car rental company forecast lower costs for its 2025 fleet, despite reporting quarterly results that missed analyst estimates   ** CAR is on track for the biggest daily pct gain since May and highest close since August, this year       ** CAR is on track to start 2025 with substantially fewer cars in 2025 than in 2024 and its holding costs are set to be lower, as new cars become affordable, President Avis Budget and Chief Executive Joseph Ferraro said during an earnings call   ** \"Based on our model year 2025 fleet buy, we are well positioned to have lower holding costs as we rotate in the new fleet. We saw a robust volume in the quarter, and we'll continue to prioritize higher margin business as we remain selective regarding lower-margin brand-agnostic customers\" - Ferraro   ** CAR had reported rev of $3.48 bln vs est. of $3.53 bln; and EPS of $6.65 vs expectations of $8.18   ** Among nine analysts covering CAR, the median PT is $117.50 and avg. rating is \"buy\", according to data compiled by LSEG   ** CAR is down ~47%, YTD, with today's move (Reporting by Chibuike Oguh in New York)((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480564488"}