PARSIPPANY, N.J. (AP) — PARSIPPANY, N.J. (AP) — Avis Budget Group Inc. (CAR) on Thursday reported third-quarter net income of $237 million.
The Parsippany, New Jersey-based company said it had net income of $6.65 per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $8.55 per share.
The car rental company posted revenue of $3.48 billion in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $3.56 billion.
Avis Budget shares have fallen 53% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $83.16, a decline of 49% 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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