Avis Budget Group Inc. (CAR) has issued preliminary results for its first quarter ended March 31, 2012 and estimates of its full-year 2012 results. The company said it expects first-quarter net income of around $14 million, excluding certain items, and a GAAP net loss of nearly $23 million, due to debt extinguishment costs and acquisition-related charges. First-quarter revenue is anticipated to be $1.6 billion.
Further, the company expects full-year 2012 revenue to range between $7.3 billion and $7.6 billion. Avis Budget also forecasts effective tax rate in 2012 to be 34% - 38%, excluding certain items, and diluted share count to be some 125 million. Based on these expectations, 2012 earnings per share, excluding certain items, is projected to be about $2.35 - $2.65.
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