Transport Cars

Zipcar’s Q4 profits triple before its pending acquisition by Avis

Excerpt from WSJ

Feb 18, 2013 1:50 am

Zipcar’s profit more than tripled ahead of its pending acquisition by Avis Budget Group as the car-sharing company recorded strong revenue was also helped by a large tax benefit. For Q4, Zipcar reported a profit of $13.8 million, or 34 cents a share, versus $3.9 million, or nine cents a share, a year earlier. Revenue jumped 12% to $70.7 million, in line with the company’s November prediction of $67 million to $71 million. Avis in January agreed to pay $500 million for Zipcar.

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