How did CAR's Q1 2024 earnings surprise the market?

Avis Budget Group (CAR) experienced a significant earnings surprise in Q1 2024, with actual EPS and revenue figures that notably differed from market expectations.

1. **Earnings Per Share (EPS) Surprise**:
- The estimated EPS for Q1 2024 was -$2.4.
- The actual EPS was -$3.21.
- This resulted in an EPS surprise of -$0.81, which is a negative surprise indicating the company's performance was worse than expected.

|code|Ticker|Name|Date|Total Revenue|Diluted EPS|market_code|
|---|---|---|---|---|---|---|
|CAR|CAR.O|Avis Budget Group|2023 Q2|3.123E9|11.01|185|
|CAR|CAR.O|Avis Budget Group|2023 Q3|3.564E9|16.78|185|
|CAR|CAR.O|Avis Budget Group|2023 Q4|2.764E9|7.1|185|
|CAR|CAR.O|Avis Budget Group|2024 Q1|2.551E9|-3.21|185|

2. **Revenue Surprise**:
- The estimated revenue for the quarter was $2.52 billion.
- The actual revenue was $2.55 billion.
- This resulted in a revenue surprise of $0.03 billion, which is a positive surprise indicating the company's revenue exceeded expectations.

3. **Market Reaction and Analysts' Predictions**:
- Prior to the earnings release, analysts had dropped their Q1 2024 EPS estimates from $0.80 to $1.95, forecasting a challenging quarter for CAR.
- Despite the negative EPS surprise, the company's revenue exceeded expectations, which could lead to mixed reactions from investors.
- The stock's subsequent performance and analyst ratings following the earnings report are crucial in understanding the market's long-term view on CAR.

In conclusion, Avis Budget Group's Q1 2024 earnings surprised the market with a significant negative EPS surprise but with a positive revenue surprise. The mixed results reflect operational challenges but strong revenue resilience, which may influence both investor sentiment and future analyst ratings.