© Reuters
By Liz Moyer
Investing.com — Avis Finances Group Inc (NASDAQ:) beat expectations for fourth-quarter earnings, saying income rose 8% on robust vacation journey and its business operations.
Shares of the rental automobile firm rose 4.2% in after-hours buying and selling. They’re up 34.5% to date this 12 months.
income of $2.77 billion in comparison with expectations for $2.67B. Earnings per share have been $10.10. On an adjusted foundation, EPS for the quarter was $10.46 in contrast with expectations for $6.81 a share.
“Our fourth quarter demand was robust with our business enterprise performing effectively above 2019 ranges, and the leisure phase persevering with its robust efficiency, particularly over the vacation interval. These traits have continued into the primary quarter,” stated Joe Ferraro, Avis Finances Group Chief Government Officer. “2022 was a report setting 12 months for our Firm, and I wish to thank our group, all world wide, for his or her excellent efforts and stay up for one other profitable 12 months in 2023.”
The corporate stated full-year income rose 29% in comparison with 2021 and 31% in comparison with 2019, reaching $12.0B, the strongest in its historical past. Web earnings was $2.8B and earnings have been $4.1B, each additionally full-year information.
The corporate added $1B to its share buyback authorization.
