Tuesday, February 23, 2016 7:05:07 PM
After Hours Trading:
Avis Budget Group Swings to Loss in 4th Quarter
5:42 pm ET February 23, 2016 (Dow Jones) Print
By Maria Armental
Avis Budget Group Inc. swung to a loss in the fourth quarter and gave disappointing earnings guidance for this year, citing investments into improving its business.
Shares, which have lost more than half of their value over the past 12 months, fell 13% to $26.01 in after-hours trading.
The car-rental company projects 2016 profit of $2.70 to $3.30 a share, with revenue increasing 2% to 4%. Wall Street analysts expected a per-share profit of $3.43 a share and a 2.9% rise in revenue, according to Thomson Reuters.
Based in Parsippany, N.J., Avis operates under the brands Avis, Budget and Zipcar.
Overall, Avis reported a loss of $5 million, or 6 cents a share in the quarter ended Dec. 31, compared with a year-earlier profit of $23 million, or 21 cents a share. Excluding acquisition-related costs and other items, Avis reported a profit of 18 cents a share, down from 23 cents a year earlier.
Revenue was $1.9 billion, up 0.8% from the year earlier, or 5% when adjusting for currency fluctuations.
Analysts had projected profit of 17 cents a share on $1.92 billion in revenue.
Revenue from its Americas segment, which accounts for the bulk of business, rose 1%, while revenue from its international segment was largely unchanged from the year-earlier period.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
February 23, 2016 17:42 ET (22:42 GMT)
Recent CAR News
- Form 8-K - Current report • Edgar (US Regulatory) • 03/08/2024 10:00:39 PM
- Moore Law, PLLC Encourages Avis Budget Group Investors to Contact Law Firm • PR Newswire (US) • 02/27/2024 12:35:00 AM
- Avis Budget Group Announces Pricing of €600 Million of Senior Notes • GlobeNewswire Inc. • 02/21/2024 06:50:12 PM
- Avis Budget Group Announces Intention to Offer €400 Million of Senior Notes • GlobeNewswire Inc. • 02/20/2024 08:46:36 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 10:43:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 10:40:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 10:37:22 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/16/2024 11:35:55 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/12/2024 09:05:01 PM
- Avis Budget Group Reports Fourth Quarter and Full Year Results • GlobeNewswire Inc. • 02/12/2024 09:02:47 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/18/2024 09:02:41 PM
- Avis Budget Group to Announce Fourth Quarter 2023 Results on February 12th • GlobeNewswire Inc. • 01/12/2024 09:01:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/03/2024 09:03:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:52:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:48:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:47:09 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:45:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:44:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:43:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:42:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:39:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:36:43 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:35:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:33:38 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:31:48 PM
Endexx Corporation (EDXC) Leverages Global Market Trends and Legislative Reforms to Spearhead Growth in the Cannabis and Plant-Based Wellness Sectors • EDXC • Mar 27, 2024 3:01 PM
Applied UV, Inc. Announces Pricing of $2.76 Million Registered Direct and Private Placement Priced at the Market Under Nasdaq Rules • AUVI • Mar 27, 2024 2:51 PM
POET and MultiLane Collaborate to Develop High-Speed Pluggable Transceivers for AI Networks • POET • Mar 27, 2024 10:52 AM
Maybacks Global Entertainment Opens 23 More Stations in Important Major Cities • AHRO • Mar 27, 2024 9:00 AM
NxGen Brands Inc. Forecast to Deliver 140% Growth in Q1 2024 • NXGB • Mar 27, 2024 7:30 AM
Kona Gold Beverages, Inc. Strategic Advancements: Covert LLC Introduces Federally Legal D9 Gummies and Revamps Innovative eCommerce Platform, Propelling Toward $12 Million Annual Revenue Goal • KGKG • Mar 26, 2024 8:30 AM