PARSIPPANY, N.J. (AP) — PARSIPPANY, N.J. (AP) — Avis Budget Group Inc. (CAR) on Monday reported fourth-quarter profit of $259 million.
The Parsippany, New Jersey-based company said it had net income of $7.10 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $4.36 per share.
The car rental company posted revenue of $2.76 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $2.8 billion.
For the year, the company reported profit of $1.63 billion, or $42.08 per share. Revenue was reported as $12.01 billion.
Avis Budget shares have fallen 5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $168.36, a decline of 22% 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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