PARSIPPANY, N.J. (AP) — PARSIPPANY, N.J. (AP) — Avis Budget Group Inc. (CAR) on Tuesday reported a fourth-quarter loss of $1.96 billion, after reporting a profit in the same period a year earlier.
The Parsippany, New Jersey-based company said it had a loss of $55.66 per share. Losses, adjusted for asset impairment costs, came to 23 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 96 cents per share.
The car rental company posted revenue of $2.71 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $2.73 billion.
For the year, the company reported a loss of $1.82 billion, or $51.23 per share, swinging to a loss in the period. Revenue was reported as $11.79 billion.
Avis Budget shares have increased 11% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $89.71, 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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