PARSIPPANY, N.J. (AP) _ Avis Budget Group Inc. (CAR) on Thursday reported third-quarter net income of $189 million.
On a per-share basis, the Parsippany, New Jersey-based company said it had profit of $2.50. Earnings, adjusted for non-recurring costs, came to $2.96 per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.65 per share.
The car rental company posted revenue of $2.75 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 billion to $9.2 billion.
Avis Budget shares have risen 32% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $29.71, a climb of almost 6% in the last 12 months.