- With a Q3 miss on the books, Avis (NASDAQ:CAR) now expects 1% 2015 revenue growth, compared with prior guidance of 1%-3% (consensus is at 1.3%). EPS guidance has been lowered to $3.10-$3.25 (+5%-10% Y/Y) from $3.15-$3.45 (consensus is at $3.36).
- Americas revenue rose 2% Y/Y in Q3 to $1.78B; international revenue rose fractionally to $801M. GAAP expenses rose 1% to $2.27B.
- $161M was spent to buy back 3.7M shares. Avis now expects 2015 buybacks to "meaningfully exceed" $300M.
- Rival Hertz (HTZ) is following Avis lower ahead of its Q3 report, due on the morning of Nov. 9.
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Q3 results, PR