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

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Avis Budget Group Inc. (CAR: Quote) 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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by RTT Staff Writer

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With disappointing earnings news generating some selling pressure, stocks have moved mostly lower in early trading on Friday. The major averages have slid firmly into negative territory after ending the previous session nearly flat. After reporting an unexpected drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than expected in the month of June. British economic growth remained high as expected in the second quarter as a robust expansion in the dominant service sector, and industry completely offset the slight weakness in the construction sector. With the second quarter expansion, GDP returned to its pre-crisis level. Gross domestic product grew 0.8 percent sequentially in the second quarter, the same rate as seen in the first quarter.
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