Avis Budget: 2Q Earnings Snapshot
PARSIPPANY, N.J. (AP) _ Avis Budget Group Inc. (CAR) on Tuesday reported second-quarter net income of $26 million.
On a per-share basis, the Parsippany, New Jersey-based company said it had profit of 32 cents. Earnings, adjusted for costs related to mergers and acquisitions and restructuring costs, came to 57 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
The car rental company posted revenue of $2.33 billion in the period.
Avis Budget expects full-year earnings in the range of $3 to $3.85 per share, with revenue in the range of $9.05 billion to $9.3 billion.
Avis Budget shares have decreased 12 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $38.74, a rise of 16 percent in the last 12 months.