Avis posts narrower quarterly loss, but revenue comes in below views

Avis Budget Group Inc. shares fell 0.1% in the extended session Wednesday after the car-rental company reported a narrower-than-expected adjusted quarterly loss, but sales were slightly below Wall Street consensus. Avis said it lost $91 million, or $1.20 a share, in the first quarter, compared with a loss of $87 million, or $1.08 a share, in the year-ago quarter. Adjusted for one-time items, Avis lost 78 cents a share, compared with 74 cents a share a year ago. Revenue fell 2% to $1.92 billion, from $1.97 billion a year ago. Analysts polled by FactSet had expected an adjusted loss of $1.02 a share on sales of $1.95 billion. For the year, Avis guided for revenue between $9.2 billion and $9.5 billion, and an adjusted EPS between $3.35 and $4.20. The analysts surveyed by FactSet expect adjusted EPS of $3.86 a share on sales of $9.33 billion. Avis shares had ended the regular trading day down 0.1%.

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