Avis Budget Group, Inc. (CAR) on Wednesday reported a narrower first-quarter loss, supported by higher revenue and lower vehicle depreciation and lease charges. However, the car rental company's shares were down more than 17% in pre-market trading.
Loss before income taxes narrowed to $340 million from $677 million loss a year earlier.
Vehicle depreciation and lease charges decreased to $664 million from $1.055 billion last year.
Net loss attributable to shareholders improved to $283 million or $8.01 per share from $505 million loss or $14.35 per share in the prior-year quarter.
Adjusted EBITDA was a loss of $113 million, compared with a loss of $93 million a year earlier.
Revenue rose 4% to $2.530 billion from $2.430 billion in the same period last year.
Avis Budget stock closed Tuesday's trading at $182.01, down 2.71%.
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