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UPDATE: Avis Budget Posts Q1 Results, Issues 2012 Forecast

By Insider Scoop
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Courtesy of Benzinga.

Avis Budget Group Inc (NYSE: CAR) swung to a loss in the first quarter.

Avis Budget posted a quarterly loss of $23 million, or $0.22 per share, versus a year-ago net income of $7 million, or $0.06 per share. Its adjusted profit came in at $0.12 per share.

Avis Budget’s revenue rose 31% to $1.6 billion. However, analysts were expecting a loss of $0.01 per share on revenue of $1.59 billion.

Avis Budget projects adjusted 2012 earnings of $2.35 to $2.65 per share, versus analysts’ expectations of $2.11 per share.

Avis Budget shares closed at $15.90 on Friday.

(c) 2012 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.


For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.

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