Avis Budget adds $250 million to its stock repurchase program
Avis Budget Group Inc. said Monday that it boosted its stock repurchase program by $250 million. The car rental company now has $400 million available to buy back its shares. Avis said it has bought back over $1 billion worth of its shares since August 2013. "We remain committed to returning a portion of our cash flow to our shareholders through buybacks, while maintaining a prudent capital structure and flexibility to execute on our strategic initiatives," said Chief Executive Larry De Shon. The stock, which was indicated about 1% higher in premarket trade, has tacked on 4.8% year to date through Friday, while shares of rival Hertz Global Holdings Inc. has plunged 51% and the S&P 500 has gained 5.9%.
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