Why Avis Budget Group Stock Is Surging After Hours

Avis Budget Group Inc CAR shares are trading higher in Monday's after-hours session after the company reported strong financial results. 

Avis said first-quarter revenue increased 77% year-over-year to $2.4 billion, which beat the $2.11 billion estimate, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $9.99 per share, which was up from a loss of 46 cents per share in the prior year quarter. First-quarter adjusted EBITDA totaled $810 million.

"Despite the impact of Omicron on the first half of the quarter, our team was able to quickly pivot to manage the significantly increasing demand during the back half of the quarter," said Joe Ferraro, CEO of Avis Budget Group.

CAR 52-Week Range: $65.87 - $545.11

The stock was up 8.38% in after hours at $304.06 at press time.

Photo: courtesy of Avis Budget Group.