Avis Budget: Q4 Earnings Snapshot
PARSIPPANY, N.J. (AP) _ Avis Budget Group Inc. (CAR) on Monday reported fourth-quarter net income of $382 million, after reporting a loss in the same period a year earlier.
The Parsippany, New Jersey-based company said it had profit of $6.63 per share. Earnings, adjusted for one-time gains and costs, came to $7.08 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $6.46 per share.
The car rental company posted revenue of $2.57 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $2.38 billion.
For the year, the company reported net income of $1.29 billion, or $19.44 per share, swinging to a profit in the period. Revenue was reported as $9.31 billion.
Avis Budget shares have declined 6% since the beginning of the year. In the final minutes of trading on Monday, shares hit $194.71, more than quadrupling in the last 12 months.