Shares of Avis Budget Group as much as tripled on Tuesday, following the company’s third-quarter results.
The car rental company’s adjusted earnings came in at $10.74 a share, compared with $1.13 a share a year earlier. Analysts polled by FactSet had expected earnings of $6.87 a share.
Revenue almost doubled from the year-ago quarter to $3 billion. Analysts expected $2.67 billion.
"Our third quarter results are a testament to our team’s on-going focus around cost discipline and ability to execute operationally,” said Chief Executive Joe Ferraro in a statement.