Market Overview

Avis Budget Group In-Line With Earnings Pre-Announcement


Goldman Sachs has published a research report on Avis Budget Group (NYSE: CAR) after the company reported 3Q results that were in-line with its October 7 pre-announcement.

In the report, Goldman Sachs writes "after the close, Avis Budget reported 3Q2010 earnings that were inline with the company's October 7 pre-announcement. Revenues of $1.5 bn were in-line with our $1.5 bn estimate while Adjusted Corporate EBITDA of $219 mn was essentially in-line with our recently revised estimate of $215 mn, implying margins of 14.5% vs. our estimate of 14.4%. Regarding its outlook, though the company does not give Corporate EBITDA or EPS guidance, Avis Budget expects volumes to increase yoy in 4Q; however, yoy pricing comparisons are expected to remain challenging in 4Q due to tough leisure pricing comps from last year. Domestic fleet depreciation costs are expected to be down 9%-11% per unit compared with down 8-10% previously. Management also tightened its 2010 incremental cost savings projection to $60-$70 mn from $50-$70 mn."

Avis Budget Group closed yesterday at $11.81.


Related Articles (CAR)

View Comments and Join the Discussion!

Posted-In: avis budget group Goldman SachsAnalyst Color Analyst Ratings

Latest Ratings

View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at