Avis Budget Group Swings to 1Q Net Loss

Avis Budget Group Inc. recently said it swung to a first-quarter net loss of $12 million, or 11 cents a share, from a net profit of $13 million, or 13 cents a share, a year ago, Forbes reports.

The mean estimate of analysts polled by Thomson Reuters was for breakeven earnings per share in the quarter.

Revenue for the quarter ended March 31 rose to $1.45 billion from $1.37 billion a year earlier, versus the mean Street view of $1.37 billion.

According to Forbes, shares of the Parsippany, N.J.-based vehicle rental company closed the regular session up 11 cents at $13.67.

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