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Avis Budget: 2Q Earnings Snapshot

PARSIPPANY, N.J. (AP) _ Avis Budget Group Inc. (CAR) on Monday reported second-quarter net income of $62 million.

The Parsippany, New Jersey-based company said it had profit of 81 cents per share. Earnings, adjusted for one-time gains and costs, were 79 cents per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.

The car rental company posted revenue of $2.34 billion in the period.

Avis Budget expects full-year earnings in the range of $3.35 to $4.20 per share, with revenue in the range of $9.2 billion to $9.5 billion.

Avis Budget shares have increased 51% since the beginning of the year. In the final minutes of trading on Monday, shares hit $33.90, a decline of nearly 5% in the last 12 months.


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