Avis Budget Reports Fourth-Quarter Loss, Revenue Miss
PARSIPPANY, N.J. (AP) - Avis Budget Group Inc. (CAR) reported a fourth-quarter loss of $1.96 billion on Tuesday, reversing a profit in the same period a year earlier. The Parsippany, New Jersey-based company said it had a loss of $55.66 per share. Adjusted for asset impairment costs, losses came to 23 cents per share.
Analysts' consensus estimate, compiled by Zacks Investment Research, had predicted a loss of 96 cents per share. The car rental company's revenue of $2.71 billion fell short of Street forecasts of $2.73 billion, based on estimates from four analysts surveyed by Zacks.
For the full year, Avis Budget reported a loss of $1.82 billion, or $51.23 per share, compared to a profit in the prior year. Revenue totaled $11.79 billion.
Avis Budget shares have risen 11% year-to-date. However, in Tuesday's after-hours trading, the stock dropped 47% year-over-year, closing at $89.71.