Why Avis Budget Group Popped 22% Thursday Morning

Shares of Avis Budget Group, Inc. (NASDAQ: CAR), a global provider of rental locations, mobility solutions, and car-sharing services, are popping over 22% early Thursday morning after the company released better-than-expected fourth-quarter results.

Avis turned in a strong quarter with revenue rising 5.4% to $2.16 billion, compared to the prior year, which easily topped estimates calling for $2.08 billion. Adjusted earnings per share also delivered above expectations at $0.73 per share, compared to analysts' estimates of $0.50 per share. It was a positive turnaround from the third quarter, when profits declined 11% and shares sank near a five-year low. In fact, adjusted EBITDA and revenue were fourth-quarter records.

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Source Fool.com