Benzinga | Nov 2, 2021 11:15AM EDT

Why Avis Budget Shares Are Rising

Avis Budget Group, Inc. (NASDAQ:CAR) shares are trading significantly higher after the company reported better-than-expected third-quarter adjusted earnings per share and sales results.

The company also added $1 billion to its buyback.

Avis Budget reported quarterly earnings of $10.74 per share which beat the analyst consensus estimate of $6.50 and sales of $3.00 billion which beat the analyst consensus estimate of $2.72 billion.

"Our third quarter results are a testament to our team's on-going focus around cost discipline and ability to execute operationally," said Joe Ferraro, Avis Budget Group Chief Executive Officer. "We are seeing the benefits of initiatives we began during the early days of the pandemic and look to build on this positive momentum as the travel environment continues to normalize."

Avis Budget Group, Inc., together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers.

Avis Budget's stock was trading about 181% higher at $481.50 per share on Tuesday at the time of publication. The stock has a 52-week high of $545.11 and a 52-week low of $28.20.