shares of avis budget group inc jumped after hours on monday after the carrental chain reported fourthquarter results that beat expectations helped by a rebound in travel demand that it said has extended into the current quarter the company reported fourthquarter net income of 424 million or 1010 a share compared with 381 million or 663 a share in the same quarter in 2021 revenue rose 8 to 277 billion compared with 257 billion in the prioryear quarter adjusted for acquisitionrelated costs and other expenses avis car earned 1046 a share compared with 708 a year earlier analysts polled by factset expected avis to report adjusted earnings per share of 668 on revenue of 267 billion “our fourthquarter demand was strong with our commercial business performing well above 2019 levels and the leisure segment continuing its strong performance especially over the holiday period” chief executive joe ferraro said in a statement “these trends have continued into the first quarter” car rentals have increased over the past two years as more people return to vacations and business travel that demand ran into an auto shortage which was caused by a chip shortage and a shortage of cars available for rent after rental chains sold them off in anticipation of a dropoff in demand when the pandemic first hit rental rates jumped as travel rebounded avis’s management in october said it was confident that its “strong summer performance” would carry into the fall and holiday season despite concerns of a downturn the company has said it offloaded older vehicles with more mileage and brought in new ones and its rental fleet size increased in the third quarter but executives have said shortages of chips and other parts as well as delayed auto shipments were still potential issues possibly making for tighter available supply this year and flight cancellations have constrained rental times shares of avis are up 138 over the past 12 months by comparison the sp 500 index spx has fallen 6 over that time