Avis Higher After Reporting Earnings In Line With Expectations | Fox Business

Car-rental company Avis Budget Group Inc. late Monday reported net income of $19 million, or 17 cents a share, excluding certain items. Revenue of $1.9 billion declined 1% compared with a year ago. Results benefited from increased rental volumes and from foreign-currency movements, the company said, but the positives were offset by inflationary cost pressures, a weather-related reduction in fleet utilization, and $7 million in legal expenses, Avis said. Analysts polled by FactSet had expected earnings of 14 cents a share on revenue of $1.9 billion in the quarter. "Our first quarter results were in line with our expectations, despite uneven economic conditions internationally as well as what we believe was industry-wide over-fleeting in North America," Ronald L. Nelson, Avis Budget Group chairman and chief executive, said in a statement. Shares where up 0.1% in after-hours.