PARSIPPANY, N.J. (AP) — PARSIPPANY, N.J. (AP) — Avis Budget Group Inc. (CAR) on Wednesday reported a loss of $505 million in its first quarter.
On a per-share basis, the Parsippany, New Jersey-based company said it had a loss of $14.35.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of $5.72 per share.
The car rental company posted revenue of $2.43 billion in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $2.52 billion.
Avis Budget shares have risen 25% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $100.68, a fall of 17% 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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