Avis Budget Group Swings To Q1 Profit

(RTTNews) - Avis Budget Group Inc. (CAR) Wednesday reported first-quarter net income of $4 million or $0.03 per share, compared to a loss of $46 million or $0.43 per share last year.

Adjusted earnings for the quarter were $0.16 per share compared to $0.08 per share last year.

Net revenues for the quarter grew to $1.86 billion from $1.69 billion last year.

Analysts polled by Thomson Reuters expected the company to earn $0.08 per share on revenues of $1.83 billion for the quarter. Analysts' estimates typically exclude special items.

Looking forward to the full year 2014, the company now expects adjusted earnings of $2.50 to $2.95 per share on revenues of about $8.4 billion to $8.6 billion. Analyst currently estimate earnings of $2.72 per share on revenues of $8.41 billion.

Initially, the company expected adjusted earnings of $2.45 to $2.85 per share and revenues of about $8.3 billion to $8.5 billion.