PARSIPPANY, N.J. (AP) — PARSIPPANY, N.J. (AP) — Avis Budget Group Inc. (CAR) on Monday reported first-quarter profit of $312 million.
On a per-share basis, the Parsippany, New Jersey-based company said it had profit of $7.72.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $3.34 per share.
The car rental company posted revenue of $2.56 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $2.5 billion.
Avis Budget shares have risen 8% since the beginning of the year. In the final minutes of trading on Monday, shares hit $177.22, a decrease of 34% 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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