A month has gone by since the last earnings report for Avis Budget Group (CAR). Shares have added about 3% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Avis Budget due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Avis Budget Tops Q4 Earnings Estimates, Lags Revenues Avis Budget reported mixed fourth-quarter 2018 results, wherein earnings surpassed the Zacks Consensus Estimate but revenues lagged the same. In response to earnings beat, shares climbed 9.8% in after-hours trading yesterday.Adjusted earnings per share of 53 cents beat the consensus mark by 22 cents and increased 17.8% year over year. The bottom line benefited from higher Americas pricing and lower per-unit fleet costs.Revenues of $2.05 billion fell short of the consensus estimate by $10 million but increased 1.5% year over year. The company reported top-line growth for the ninth consecutive year. The top line was driven by a 3% increase in volume and strength across Americas pricing, which was, however, partially offset by a $32 million effect from currency exchange movements and soft International performance.Revenues by SegmentAmericas segment revenues of $1.40 billion increased 1.6% year over year on the back of higher commercial and leisure pricing. The segment accounted for 68% of total revenues.Revenues at the International segment were up 1.4% year over year to $646 million. The upside was driven by higher volume, partially offset by pressure on pricing and $28 million impact from currency exchange. The segment contributed 32% to total revenues.ProfitabilityAdjusted EBITDA of $142 million rose 1.4% from the prior-year quarter, with adjusted EBITDA margin of 6.9% remaining flat year over year.Adjusted EBITDA for Americas was $123 million, up 14.9% from prior-year quarter. Adjusted EBITDA for International declined 22.2% year over year to $35 million. The decline, resulting from lower pricing and $3 million impact from currency exchange movements, was partially offset by increased volume, strong cost controls and increased utilization.Balance Sheet and Cash FlowAvis Budget exited fourth-quarter 2018 with cash and cash equivalents of $615 million compared with $605 million at the end of the prior quarter. Corporate debt at the end of the reported quarter was $3.6 billion, roughly flat sequentially.The company generated $514 million of cash from operating activities in the reported quarter. Adjusted free cash flow totaled $141 million andcapital expenditures were $74 million.The company repurchased 2.5 million shares for $71 million in the fourth quarter.2019 Outlook Avis Budget unveiled its guidance for 2019. Adjusted EPS is expected between $3.35 and $4.20. The company expects revenues to be in the range of $9.20-$9.50 billion.Further, adjusted net income is projected in the range of $260-$320 million. Adjusted pretax income is expected between $350 million and $450 million. Adjusted EBITDA is anticipated in the range of $750-$850 million. Adjusted free cash flow is expected between $250 million and $300 million.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in fresh estimates.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Avis Budget Group, Inc. (CAR): Free Stock Analysis Report To read this article on Zacks.com click here.