Avis Budget Group, Inc. (CAR) reported lower-than-expected third-quarter 2024 results.See Zacks Earnings Calendar to stay ahead of market-making news.Despite the earnings miss, the stock has gained 12% since the earnings release on Oct. 31, 2024.CAR’s earnings of $6.7 per share missed the Zacks Consensus Estimate by 22.2% and decreased 60.4% from the year-ago quarter’s actual. Total revenues of $3.5 billion missed the consensus estimate by 2.3% and declined 2.4% on a year-over-year basis.Avis Budget’s share ...

Novel H2CasMab-2 Antigen Binding Domain Shown to Preferentially Target HER2 Expressed on Tumor Cells in Preclinical Studies Initial Low-Dose Cohort of FT825 / ONO-8250 as Monotherapy Shows Favorable Safety Profile in Phase 1 Solid Tumor Study Peripheral Blood from First Three Patients Demonstrates CAR T-cell Expansion with Maintenance of Activated State at Day 8 Following Treatment SAN DIEGO, Nov. 09, 2024 (GLOBE NEWSWIRE) -- Fate Therapeutics, Inc. (NASDAQ: FATE), a clinical-stage biopharmaceutical company ...

Multiplexed-engineered, iPSC-derived CAR T Cell Targets Proteins Expressed on Cancer Cells in Response to Cellular Stress and Malignant Transformation Off-the-shelf Product Candidate Incorporates Novel Sword & Shield Technology Designed to Promote Functional Persistence without Conditioning Chemotherapy FT836 Preclinical Data Shows Robust Antigen-mediated Expansion, Functional Persistence, and Durable Anti-tumor Activity in the Presence of Alloreactive T Cells   SAN DIEGO, Nov. 08, 2024 (GLOBE NEWSWIRE) -- ...

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New preclinical data on allogeneic CAR+TCR-T cells rich in stem cell memory T cells (TSCM) and enhanced potency to better target solid tumors will be presented at SITCAdditional profiling of patient responses in P-BCMA-ALLO1 Phase 1 Arm C and preclinical P-CD19CD20-ALLO1 to be presented at ASHSAN DIEGO, Nov. 5, 2024 /PRNewswire/ -- Poseida Therapeutics, Inc. (Nasdaq: PSTX), a clinical-stage allogeneic cell therapy and genetic medicines company advancing differentiated non-viral treatments for patients with ...

Avis Budget didn't grow earnings in 2024, but 2025 looks better.Avis Budget Group (CAR 20.17%) stock is motoring higher today, its stock up 17.7% through 10:50 a.m. ET despite the rental car operator missing analyst forecasts for sales and earnings last night.Wall Street had predicted Avis would earn $8.18 per share on more than $3.5 billion in sales in Q3, but the company actually reported profits of only $6.65 per share, and sales just under $3.5 billion. Avis Q3 sales and earningsThat doesn't sound like ...

Financial Data and Key Metrics - Q3 2024 revenue was nearly $3.5 billion, with adjusted EBITDA of $503 million [5] - Rental days in the Americas were down 2% compared to Q3 2023, while pricing was nearly flat [9] - International revenue increased by 1% YoY, driven by a 5% increase in rental days [16] - Vehicle utilization in the Americas improved to nearly 72%, up over one point from Q3 2023 [11] - International vehicle utilization reached 73.7%, up over three points from Q3 2023 [18] Business Segment Performance - Americas segment generated $2.6 billion in revenue and $384 million in adjusted EBITDA [9] - International segment generated $840 million in revenue and $139 million in adjusted EBITDA [16] - The company prioritized higher-margin business, leading to a 2% decline in overall pricing for the quarter [7] - In Europe, domestic travel grew by 3%, while inbound and cross-border travel grew by 14% YoY [16] Market Performance - Pricing in the Americas was nearly flat compared to Q3 2023 but up 28% compared to Q3 2019 [10] - International pricing was down 5% YoY (excluding currency impacts) but up 25% compared to Q3 2019 [17] - Advanced reservations for the holiday season in the Americas and Europe are strong, indicating robust demand [15][18] Strategy and Industry Competition - The company is focused on fleet discipline, aiming to align fleet size with demand to maximize profitability [9][14] - The 2025 fleet buy is progressing well, with expected holding costs below recent years' levels [6][12] - The company is leveraging technology, including a new customer app, to enhance the rental experience and drive operational efficiencies [19][20] - The company is prioritizing higher-margin business and reducing exposure to lower-margin, brand-agnostic customers [7][9] Management Commentary on Operating Environment and Outlook - Management expects strong vehicle utilization in Q4, surpassing historical levels [11] - The company anticipates lower holding costs as it transitions to the 2025 fleet, with prices closer to pre-pandemic levels [23] - Management remains focused on achieving $1 billion in adjusted EBITDA for the year, excluding fleet losses [34] - The company is confident in its ability to sustain $1 billion in adjusted EBITDA, driven by operational efficiencies and improved pricing power [53] Other Important Information - The company repurchased 526,000 shares for nearly $43 million through October 30th [30] - The company issued $700 million in senior notes to repay outstanding borrowings, improving liquidity and flexibility [31] - The company has over $1.2 billion in available liquidity and $3.2 billion in additional borrowing capacity [31] Q&A Session Summary Question: Fleet Cost Trends and 2025 Fleet Buy - The company expects fleet costs to trend closer to 2019 levels but not fully return to those levels [37] - The 2025 fleet buy is progressing well, with lower holding costs expected as the fleet transitions [36][37] Question: Impact of Hurricanes on Q4 Performance - Hurricanes initially disrupted operations, but demand rebounded as relief workers and travelers rented vehicles [43][44] - The company expects the impact to normalize by the end of Q4, with strong holiday demand [15][44] Question: Pricing and Cost Management - The company is focused on maintaining pricing power while managing costs through operational efficiencies [47] - Initiatives include improving vehicle utilization, reducing in-life vehicle costs, and leveraging technology for better fleet management [47][64] Question: Industry Competition and Fleet Tightness - The company is prioritizing higher-margin business and maintaining fleet discipline, which has improved utilization [51] - Competitors are also expected to rationalize their fleets as the 2025 fleet buy offers more favorable pricing [52][76] Question: Capital Allocation and Share Repurchases - The company remains flexible in capital allocation, balancing fleet investments, operational efficiencies, and share repurchases [56] - Share repurchases will continue to be a priority, alongside investments in technology and operational improvements [56] Question: Autonomous Vehicles and Ride-Share Business - The company is actively growing its ride-share business, which is profitable and contributes to rental days [39] - The company is well-positioned to participate in autonomous vehicle logistics due to its infrastructure and fleet management expertise [40] Question: Fleet Buy Dynamics and OEM Relationships - The 2025 fleet buy is more favorable than recent years, with prices closer to pre-pandemic levels [61] - The company maintains diverse relationships with OEMs and is disciplined in fleet purchases to ensure acceptable returns on capital [74]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File No. 001-10308 Avis Budget Group, Inc. (Exact name of registrant as specified in its charter) | --- | --- | --- | |-- ...

SHANGHAI, Oct. 31, 2024 /PRNewswire/ -- CARsgen Therapeutics Holdings Limited (Stock Code: 2171.HK), a company focused on innovative CAR T-cell therapies for the treatment of hematologic malignancies and solid tumors, announces that the U.S. Food and Drug Administration ("FDA") lifted the clinical holds on clinical trials of zevorcabtagene autoleucel (zevor-cel, CT053, an autologous CAR-T product against BCMA), satricabtagene autoleucel (satri-cel, CT041, an autologous CAR-T product against Claudin18.2), an ...

For the quarter ended September 2024, Avis Budget Group (CAR) reported revenue of $3.48 billion, down 2.4% over the same period last year. EPS came in at $6.65, compared to $16.78 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $3.56 billion, representing a surprise of -2.30%. The company delivered an EPS surprise of -22.22%, with the consensus EPS estimate being $8.55.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wa ...