logo
Share SHARE
FONT-SIZE Plus   Neg

Avis Budget Sees Q1 Adj. Net Profit Of About $14 Mln; Gives 2012 Outlook

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
British lender Lloyds Banking Group Plc. Friday reported higher profit in its first half, benefited by increased net interest income and margin as well as lower impairment. Looking ahead, the company lifted its net interest margin forecast. Amgen reported an increase in second-quarter profit, driven by sales of arthritis drug Enbrel and osteoporosis treatments Xgeva and Prolia, and improved margins. Both earnings and sales topped Wall Street estimates. Electronic Arts Inc. (EA) on Thursday reported an increase in profit for the first quarter, reflecting continued strong digital revenues, with both earnings and revenues topping Wall Street estimates. However, shares of the company fell over 4 percent, after having detailed a weak outlook. Redwood...
comments powered by Disqus
RELATED NEWS
Trade CAR now with 
Follow RTT