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Tuesday, 02/23/2016 7:05:07 PM

Tuesday, February 23, 2016 7:05:07 PM

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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)
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