Avis Budget reports 4Q loss

Avis Budget Group reports fourth-quarter loss of $31 million

PARSIPPANY, N.J. (AP) _ Avis Budget Group Inc. (CAR) on Wednesday reported a loss of $31 million in its fourth quarter.

On a per-share basis, the Parsippany, New Jersey-based company said it had a loss of 35 cents. Earnings, adjusted for non-recurring costs and to extinguish debt, came to 15 cents per share.

The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.

The car rental company posted revenue of $1.88 billion in the period.

For the year, the company reported profit of $163 million, or $1.75 per share. Revenue was reported as $8.66 billion.

Avis Budget expects full-year earnings in the range of $3.05 to $3.75 per share, with revenue in the range of $8.8 billion to $8.95 billion.

Avis Budget shares have risen 11 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $40.66, an increase of 47 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAR at https://www.zacks.com/ap/CAR

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Keywords: Avis Budget Group, Earnings Report

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