=Avis Budget (CAR) reported earnings on Wed 20 Feb 2019 (a/h)

Avis Budget beats by $0.20, reports revs in-line; guides FY19 EPS in-line, revs in-line

• Reports Q4 (Dec) earnings of $0.53 per share, excluding non-recurring items, $0.20 better than the S&P Capital IQ Consensus of $0.33; revenues rose 1.5% year/year to $2.05 bln vs the $2.05 bln S&P Capital IQ Consensus.
• Americas per-unit fleet costs were 7% lower for both the quarter and the year excluding exchange rate effects.
• Co issues in-line guidance for FY19, sees EPS of $3.35-4.20, excluding non-recurring items, vs. $3.78 S&P Capital IQ Consensus; sees FY19 revs of $9.2-9.5 bln vs. $9.32 bln S&P Capital IQ Consensus.
  • Also sees FY19 adjusted EBITDA of $750-850 million.
  • Adjusted free cash flow of $250-300 million.