Avis Budget: 3Q Earnings Snapshot
PARSIPPANY, N.J. (AP) _ Avis Budget Group Inc. (CAR) on Monday reported third-quarter earnings of $213 million.
The Parsippany, New Jersey-based company said it had net income of $2.68 per share. Earnings, adjusted for non-recurring costs, came to $3.33 per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.52 per share.
The car rental company posted revenue of $2.78 billion in the period.
Avis Budget expects full-year earnings in the range of $3.30 to $3.70 per share, with revenue in the range of $9.1 billion to $9.2 billion.
Avis Budget shares have decreased 29 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $31.05, a fall of 24 percent in the last 12 months.