: Avis’ Q1 profit, revenue top Wall Street expectations on ‘strong demand’ for rental cars


Shares of Avis Budget Group Inc. CAR dropped about 1% in the extended session Monday after the car-rental company posted a first-quarter profit and revenue beat. Avis earned $312 million, or $7.72 a share, in the quarter, compared with $519 million, or $9.71 a share, in the year-ago period. Revenue rose 5% to $2.6 billion, the company said, thanks to “strong demand” and per-day revenue in-line with the prior year. FactSet consensus called for EPS of $3.07 a share on sales of $2.5 billion. “Our first-quarter demand was strong, with our international inbound and commercial customers continuing their improved growth,” Chief…

This article was originally published by Marketwatch.com. Read the original article here.

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