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Avis Budget Group, Inc. stock price
Avis Budget Group, Inc. latest news:
Hurricanes hurt Avis outlook, shares plunge
Avis Budget Group Inc(CAR) on Monday posted a better-than-expected net profit thanks to strong summer demand, but the car rental company's shares fell more than 10 percent in after-market trading as it lowered its full-year earnings forecast citing the impact of hurricanes.
Avis shares tank after costs rise, company lowers 2017 sales guidance
Shares of Avis Budget Group Inc. fell 9% late Monday after the car rental company posted adjusted third-quarter earnings above expectations but tweaked lower its 2017 sales forecast. Avis said it earned $245 million, or $2.91 a share, in the quarter, compared with $209 million in the year-ago period. Adjusted for one-time items, Avis earned $260 million, or $3.10 a share, compared with $227 million, or $2.47 a share, a year ago. Revenue rose to $2.75 billion, compared with $2.66 billion a year ago, thanks to a 5% increase in rental days on the back of "strong" summer demand, with time and mileage revenue per day increasing in North America but lower for Avis's international segment, the company said in a statement. Analysts polled by FactSet had expected adjusted third-quarter earnings of $3.04 a share on sales of $2.77 billion. Avis tweaked its forecast for 2017 revenue to a range of $8.80 billion to $8.90 billion. In August, the company guided for sales in the range of $8.80 billion to $8.95 billion. Per-unit fleet costs rose 5% to $326 million in the quarter. Shares ended the regular session up 1.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Avis Budget Group unit enters agreement with Ford
Avis Budget Group Inc(CAR): * Avis Budget Group(CAR) - on Aug 29, unit entered agreement with Ford for purchase of vehicles from Ford dealers for 2018 vehicle model year - SEC filing Source text: Further company coverage:
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