These Are the Must-Read Takeaways From Avis Budget Group's Quarterly Report
It's a scary yet exciting time for car rental companies like Avis Budget Group (NASDAQ: CAR). Scary because major automakers are expanding smart-mobility projects that range from car-sharing to ride-hailing services, and upstart transport companies such as Uber and Lyft are infringing on rental companies' traditional turf. Yet exciting for Avis because it recently sealed a partnership with Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) to provide fleet support and maintenance services to Waymo's self-driving program. Scary again because its chief rival, Hertz Global Holdings, recently hooked up with Apple to try to adapt to the rapidly evolving automotive industry, so the two are bound to be in even closer competition.
However, as uncertainty looms and potential catalysts ramp up, investors are for now stuck with the status quo.
Avis' Q2 revenue checked in at $2.24 billion, which was flat year over year, but slightly below Wall Street analysts' consensus estimate for $2.27 billion. The bottom line was a little bit murkier, with net income of $3 million, or earnings per share of $0.04, but adjusted earnings per share of $0.30 per share. Unfortunately for investors and Avis, that adjusted EPS was well below analysts' consensus forecast of $0.51 per share.
Source: Fool.com
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