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Avis Budget: 3Q Earnings Snapshot

·1 min read

PARSIPPANY, N.J. (AP) _ Avis Budget Group Inc. (CAR) on Thursday reported third-quarter earnings of $45 million.

On a per-share basis, the Parsippany, New Jersey-based company said it had net income of 63 cents. Earnings, adjusted for restructuring costs and costs related to mergers and acquisitions, came to $1.13 per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 32 cents per share.

The car rental company posted revenue of $1.53 billion in the period.

Avis Budget shares have increased 14% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $36.70, a rise of 21% 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