PARSIPPANY, N.J. (AP) _ Avis Budget Group Inc. (CAR) on Monday reported a loss of $158 million in its first quarter.
On a per-share basis, the Parsippany, New Jersey-based company said it had a loss of $2.16. Losses, adjusted for restructuring costs and costs related to mergers and acquisitions, came to $1.40 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of $1.91 per share.
The car rental company posted revenue of $1.75 billion in the period.
Avis Budget shares have decreased 57% since the beginning of the year. In the final minutes of trading on Monday, shares hit $13.97, a drop of 61% in the last 12 months.