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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.
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.