Avis Budget Sees FY17 Revenues Above View

(RTTNews) - Avis Budget Group Inc. (CAR) said that it estimates that for the full-year ended December 31, 2017, revenues increased to approximately $8.85 billion, and it expects pretax income to be between $205 million and $215 million and Adjusted pretax income to be between $340 million and $350 million.

Analysts polled by Thomson Reuters expect the company to report revenues of $8.8 billion for fiscal year 2017. Analysts' estimates typically exclude special items.

The company also expects Adjusted EBITDA to be within a range of $730 million to $740 million.

Based on preliminary data, the Company estimates that its cash balance as of December 31, 2017 was more than $600 million and that its corporate debt balance was approximately $3.5 billion.

The company expects to continue to face certain ongoing headwinds in 2018, including the incremental impact of rising interest rates and other items, partially offset by the full-year benefit of the steps taken to reduce costs.

The company also announced plans to report its fourth quarter and full-year 2017 results after the market close on Wednesday, February 21, 2018.