Transport Cars

Avis Budget Narrows Fourth Quarter Loss

Excerpt from Wall Street Journal

Skift Take

With the winnowing and consolidation of car rental companies in the U.S., Avis Budget benefited in the fourth quarter from higher car-rental pricing.

— Dennis Schaal

Avis Budget Group’s fourth-quarter loss narrowed as the car-rental company reported higher sales in North America and markets abroad. Results for the quarter, which also benefited from the company’s acquisition of car-sharing firm Zipcar last year, exceeded Wall Street’s expectations.

Avis posted a fourth-quarter loss of $28 million, or 26 cents a share, compared with a prior-year loss of $46 million, or 43 cents a share. Excluding transaction-related costs, restructuring and other items, Avis reported a profit of 15 cents in the latest quarter, compared with a prior-year loss of seven cents a share. Revenue jumped 8.9% to $1.85 billion.

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