Avis Budget Group Q1 Adj. Profit Tops Estimate; Backs FY15 Views

(RTTNews) - Car rental company Avis Budget Group, Inc. (CAR) reported a net loss for the first quarter of $9 million or $0.09 per share, compared to net income of $4 million or $0.03 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $19 million or $0.17 per share, compared to $18 million or $0.16 per share in the prior year quarter.

Net revenue for the first quarter fell 1% to $1.85 billion from $1.86 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.14 per share on revenue of $1.91 billion for the first quarter. Analysts' estimates typically exclude special items.

The company said it continues to expect revenue of about $8.8 billion and adjusted earnings of $3.15 to $3.75 per share for the full year 2015. Analysts currently expect the company to earn $3.51 per share on revenue of $8.80 billion for the full year 2015.