What's Going On With Avis Budget Group Stock?

Avis Budget Group Inc CAR shares are trading lower Tuesday after the company reported third-quarter financial results.

Avis Budget Group said third-quarter revenue increased 18% year-over-year to $3.55 billion, which beat average analyst estimates of $3.49 billion, according to Benzinga Pro. The company reported quarterly earnings of $21.70 per share, which beat average estimates of $14.63 per share.Avis ended the quarter with a liquidity position of approximately $1.7 billion.

"Despite growing concerns around an economic slowdown, our strong summer performance, driven by increased demand in both the commercial and leisure segments, carried through to September. We remain optimistic this will continue throughout the Fall and into the holiday season," said Joe Ferraro, CEO of Avis.

Avis Budget Group is a provider of automotive vehicle rental and car-sharing services.

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CAR Price Action: Avis has a 52-week high of $327.80 and a 52-week low of $131.83.

The stock was down 9.94% at $212.95 at time of publication.

Photo: courtesy of Avis.