Avis Budget Group (NASDAQ:CAR) shares are up 140% after announcing revenues increased by 96% and 9% compared to third quarter 2020 and 2019, respectively. Adjusted EBITDA in the Americas was $95M for the third quarter 2021 driven by strong pricing and sustained cost discipline. Adjusted EBITDA in International was $128M for the third quarter 2021 driven by pricing and volume beginning to recover along with strong cost mitigating actions.
Avis Budget Group also repurchased approximately 11.6 million shares of common stock in the third quarter at an average cost of $86, bringing their outstanding share count down by 16% from June 30, 2021. This has strengthened investors trust to invest.