Avis Budget Group(US:CAR) Zacks Investment Researchยท2024-05-02 00:36Core Viewpoint - Avis Budget Group reported a slight decline in revenue for Q1 2024, with a significant drop in EPS compared to the previous year, indicating potential challenges in financial performance [1] Financial Performance - Revenue for the quarter ended March 2024 was $2.55 billion, down 0.2% year-over-year, but exceeded the Zacks Consensus Estimate by 0.75% [1] - EPS was reported at -$3.21, a significant decrease from $7.72 in the same quarter last year, and below the consensus estimate of -$3.15 [1] Key Metrics Analysis - Per-Unit Fleet Costs - Americas: $326, higher than the estimated $297.9 [2] - Per-Unit Fleet Costs - International: $292, above the estimated $283.5 [2] - Rental days - International: 10,360, slightly above the estimated 10,316.56 [2] - Revenue per day - Americas: $67.12, close to the estimated $67.22 [2] - Vehicle Utilization - Americas: 65.6%, below the estimated 67.8 [2] - Vehicle Utilization - International: 66.9%, also below the estimated 67.9 [2] - Average rental fleet - Americas: 497,313, exceeding the estimated 488,259 [2] - Total Rental days - Car Rental: 40,052, above the estimated 39,971.42 [2] - Average rental fleet - International: 170,071, below the estimated 172,860 [2] - Geographic Revenue - International: $558 million, slightly below the estimated $568.16 million, but a 3.1% increase year-over-year [2] - Geographic Revenue - Americas: $1.99 billion, matching the estimate but a 1.1% decrease year-over-year [2] Stock Performance - Shares of Avis Budget have decreased by 21.9% over the past month, underperforming the S&P 500 composite, which declined by 4.1% [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance in the near term [3]