Why Avis Budget Stock Soared 17% After Earnings
Avis Budget Group (NASDAQ: CAR) 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.
That doesn't sound like good news, and the truth is arguably even worse than it sounds. Sales for the quarter declined 2% year over year -- and earnings were down 60%!
Source Fool.com
