Avis Budget Group Inc. (CAR) has reported a downturn in its third-quarter earnings compared to the same period last year, falling short of analysts' projections.
The company's net income for the quarter amounted to $237 million, or $6.65 per share, a significant decrease from the $626 million, or $16.78 per share, recorded in the third quarter of the previous year.
According to data from Thomson Reuters, analysts had, on average, anticipated earnings of $8.18 per share, not accounting for any special items.
The company's quarterly revenue experienced a 2.4% decline, reducing from last year's $3.564 billion to $3.480 billion.
Key financial highlights for Avis Budget Group Inc. (based on Generally Accepted Accounting Principles - GAAP) include:
- Earnings for Q3 stood at $237 million, compared to $626 million a year ago.
- Earnings Per Share (EPS) for Q3 were $6.65, down from $16.78 in the same quarter last year.
- Revenue for Q3 was reported at $3.480 billion, compared to $3.564 billion last year.
