WASHINGTON (dpa-AFX) - Avis Budget Group, Inc. (CAR) reported net loss of $23 million or $0.22 per share for the first quarter versus net income of $7 million or $0.06 per share last year. On a non-GAAP basis, net income for the quarter rose to $14 million or $0.12 per share from $12 million or $0.11 per share in the previous year.
Net revenues for the three-month period climbed to $1.62 billion from $1.24 billion in the prior year.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share on revenues of $1.59 billion for the quarter. Analysts' estimates typically exclude special items.
Going ahead, the company expects its full-year 2012 revenue to be approximately $7.3 billion to $7.6 billion. Avis Budget also estimates that its 2012 earnings per share, excluding certain items, will be around $2.35 to $2.65. Analysts expect the company to earn $2.11 per share on revenues of $7.45 billion for the year.
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