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Avis Budget: 1Q Earnings Snapshot

Associated Press
Updated ·1-min read

PARSIPPANY, N.J. (AP) _ Avis Budget Group Inc. (CAR) on Monday reported a loss of $158 million in its first quarter.

On a per-share basis, the Parsippany, New Jersey-based company said it had a loss of $2.16. Losses, adjusted for restructuring costs and costs related to mergers and acquisitions, came to $1.40 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of $1.91 per share.

The car rental company posted revenue of $1.75 billion in the period.

Avis Budget shares have decreased 57% since the beginning of the year. In the final minutes of trading on Monday, shares hit $13.97, a drop of 61% 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