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Avis Budget Group, Inc. stock price
Avis Budget Group, Inc. latest news:
BRIEF-Avis Budget Group unit enters agreement with Ford
Avis Budget Group Inc(CAR): * Avis Budget Group(CAR) - on Aug 29, unit entered agreement with Ford for purchase of vehicles from Ford dealers for 2018 vehicle model year - SEC filing Source text: Further company coverage:
Avis and SeaWorld drop while Michael Kors and Envision rise
Avis Budget Group and SeaWorld Entertainment skid while Michael Kors Holdings and Envision Healthcare climb
Hertz shares rise after company tops quarterly views
Shares of Hertz Global Holdings Inc. rose 5% late Tuesday after the car-rental company reported narrower-than-expected quarterly losses and sales in line with expectations. Hertz said it lost $158 million, or $1.90 a share, in the second quarter, compared with a loss of $43 million, or 33 cents a share, in the year-ago period. Adjusted for one-time items, the company reported a net loss of $52 million, or 63 cents a share, in the quarter, versus a net income of $35 million, or 41 cents a share, in the same period last year. Total revenues for the second quarter reached $2.2 billion, compared with $2.3 billion in the second quarter 2016. Analysts polled by FactSet had expected an adjusted per-share loss of 20 cents on sales of $2.2 billion. Hertz said in a statement it had made "significant progress" in the first half of 2017 with its turnaround plan, but "the hard work always comes before" a payoff as reflected on the quarterly results, which also showed increased spending and a "challenging" business environment in the U.S. for Hertz. Rival Avis Budget Group Inc. reported Monday, missing expectations. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Avis shares down 10% after company misses EPS, sales forecasts
Avis Budget Group Inc. shares tanked more than 10% late Monday after the car rental company missed per-share earnings and sales expectations for its second quarter. Avis said it earned $3 million, or 4 cents a share, in the quarter, compared with $36 million, or 38 cents a share, in the year-ago period. Adjusted for one-time items, Avis said it earned 30 cents a share, compared with 63 cents a share a year ago. The company reported revenue of $2.2 billion, unchanged compared with a year ago, as increase in overall rental days was offset by a decrease in pricing and strong international revenue growth offset lower revenue in the Americas. Analysts polled by FactSet had expected adjusted earnings of 52 cents a share on sales of $2.3 billion. Avis also updated its full-year 2017 guidance, and said it expects sales between $8.8 billion and $9 billion for the year as well as adjusted EPS between $2.40 and $2.85. The analysts surveyed by FactSet expect 2017 sales to reach $8.8 billion and an adjusted EPS of $2.78 for the year. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Hertz and Avis shares surge after J.P. Morgan launches coverage of car rental industry
Shares of struggling car rental companies rallied Friday, after J.P. Morgan initiated coverage of the industry, saying some of the headwinds have been "over-appreciated" by investors. Analyst Samik Chatterjee started coverage of Avis Budget Group Inc. with an overweight rating and stock price target of $39, which is 21% above current levels. "Margin progression and strong free cash flow delivered by Avis historically, while contending with industry headwinds, speak to solid execution by an experienced management team, in our view," Chatterjee wrote in a note to clients. Hertz Global Holdings Inc. was started at neutral with a $15 stock price target, which was 4.8% above current levels. Chatterjee said Hertz should benefit from "improving execution and correction of recent missteps," but sees revenue growth lagging that of rival Avis. Hertz's stock surged 10.3% in afternoon trade and Avis shares rose 4.0%. Year to date, shares of Hertz have tumbled 33.4% and Avis have dropped 12.4%, while the S&P 500 has climbed 10.5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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