Avis Budget Group Q3 Profit Down

(RTTNews) - Avis Budget Group Inc. (CAR) Wednesday reported third-quarter net income of $118 million or $1.02 per share, compared to $280 million or $2.38 per share last year.

Adjusted earnings rose to $1.48 per share from $1.46 per share last year. Analysts polled by Thomson Reuters expected the company to earn $1.52 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues rose to $2.40 billion from $2.17 billion last year. Analysts estimated revenues of $2.35 billion for the quarter.

Looking forward to the full-year 2013, the company now expects revenues to be about $7.90 billion to $7.95 billion, earlier it expected revenues of about $7.8 billion to $8.0 billion. Analyst currently estimate revenues of $7.88 billion.