PARSIPPANY, N.J. (AP) — PARSIPPANY, N.J. (AP) — Avis Budget Group Inc. (CAR) on Wednesday reported a first-quarter loss of $114 million, after reporting a profit in the same period a year earlier.
The Parsippany, New Jersey-based company said it had a loss of $3.21 per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of $3.15 per share.
The car rental company posted revenue of $2.55 billion in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $2.53 billion.
Avis Budget shares have dropped 47% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $94.75, a drop of 47% 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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