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Here is why Avis Budget Group Inc. (CAR) stock went up in the after-hours on Monday?

Avis Budget Group Inc. (CAR) shares surged 6.67% in after-hours on Monday, November 1, 2021, and closed the daily trading at $182.90. However, in the regular trading session, CAR’s stock lost 1.07%. CAR shares have risen 409.24% over the last 12 months, and they have moved down 2.94% in the past week. Over the past three months, the stock has gained 90.89%, while over the past six months, it has soared 105.71%.

Let’s have a brief look at its recent news.


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CAR latest announcement

On November 01, 2021, Avis Budget Group, Inc. (CAR) announced its third-quarter 2021 financial results.

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Q3 2021 financial highlights

  • CAR reported record revenue of $3.0 billion in Q3 2021 compared to $1.5 billion in Q3 2020.
  • Total expenses were $2.07 billion in Q3 2021 compared to $1.48 billion in Q3 2020.
  • It earned a net income of $674 million in Q3 2021 compared to $45 million in Q3 2020.
  • Adjusted EBITDA was $1,057 million in Q3 2021 compared to $220 million in Q3 2020.
  • As of September 30, 2021, the company had cash and cash equivalents of $886 million.

CAR Q2 2021 financial results announcement

On August 03, 2021, Avis Budget Group, Inc (CAR) announced its second-quarter 2021 financial results.

Q2 2021 financial highlights

  • CAR reported revenue of $2.4 billion in Q2 2021 compared to $760 million in Q2 2020.
  • Total expenses were $1.9 billion in Q2 2021 compared to $1.40 billion in Q2 2020.
  • It earned a net income of $398 million in Q2 2021 compared to $481 million in Q2 2020.
  • Adjusted EBITDA was $624 million in Q2 2021 compared to $382 million in Q2 2020.
  • As of June 30, 2021, the company had cash and cash equivalents of $1.32 billion.

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Conclusion

Due to improved Q3 financial results, CAR stock went up in the after-hours on Monday and we can expect it to continue its momentum on Tuesday as well.

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