Earnings Results: Avis stock rallies after Q3 profit hits record, sales top $3 billion

Shares of Avis Budget Group Inc. rose more than 5% in after-hours trading Monday after the car-rental company’s quarterly profit hit a record and sales topped $3 billion as high demand for rental cars in the summer months continued to push prices higher.

Avis CAR said it earned $674 million, or $10.45 a share, in the June-September quarter, compared with $45 million, or 63 cents a share, in the year-ago period. Adjusted for one-time items, Avis earned $10.74 a share.

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