Shares of Avis Budget (NASDAQ:CAR) gained in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at $10.46, which beat analysts’ consensus estimate of $6.67 per share. Sales increased by 6.5% year-over-year, with revenue hitting $2.77 billion. This beat analysts’ expectations of $2.66 billion.
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In addition, management announced an additional $1 billion to Avis’ share buyback plan and noted that the firm posted $12 billion in revenue for 2022, the highest number Avis has ever achieved. The same can be said for adjusted EBITDA, as that came in at $4.133 billion
Overall, Wall Street has a consensus price target of $245.67 on CAR stock, implying 11.12% upside potential, as indicated by the graphic above.