Stock Track | Avis Budget Plunges 13.98% After-Hours on Q4 Earnings Miss and EV Fleet Impairment Charges

Stock Track

Feb 19

Avis Budget Group's stock experienced a significant after-hours plunge of 13.98% on Wednesday following the release of its fourth-quarter financial results, which fell short of analyst expectations on multiple key metrics.

The car rental company reported a quarterly loss of $21.25 per diluted share, dramatically missing the FactSet consensus estimate for a loss of $0.22 per share. Revenue for the quarter came in at $2.66 billion, below the expected $2.74 billion, while adjusted EBITDA was just $5 million compared to the anticipated $145.8 million.

The results were significantly impacted by $518 million in impairment and related charges tied to a change in the company's fleet strategy, which shortened the useful life of certain electric vehicle rental cars in the U.S. market. This substantial non-cash charge contributed to the quarter's net loss, which the company reported as either $747 million or $856 million across different news sources.

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