Avis Budget Posts Q2 Loss

(RTTNews) - Avis Budget Group Inc. (CAR) Tuesday reported second-quarter net loss of $28 million or $0.26 per share, compared net income of $79 million or $0.66 per share last year.

Adjusted net income for the quarter was $58 million or $0.50 per share, compared to $112 million or $0.94 per share last year. Analysts polled by Thomson Reuters expected the company to earn $0.50 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter rose to $2.00 billion from $1.87 billion last year. Analysts estimated revenues of $2.01 billion for the quarter.

Looking forward, the company continues to expect its full-year 2013 revenues to be about $7.8 billion to $8.0 billion. Analysts currently estimate revenues of $7.91 billion for the year.