Avis Budget Group Inc. on Monday reported a first-quarter loss of $9 million, after reporting a profit in the same period a year earlier.
The Parsippany, New Jersey-based company said it had a loss of 9 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 17 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.
The car rental company posted revenue of $1.85 billion in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $1.93 billion.
Avis Budget expects full-year earnings in the range of $3.15 to $3.75 per share, with revenue expected to be $8.8 billion.
Avis Budget shares have decreased 16 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $55.76, a rise of nearly 4 percent in the last 12 months.