Avis Budget Group Inc. Q3 Profit Drops, Misses Estimates

(RTTNews) - Avis Budget Group Inc. (CAR) released earnings for third quarter that decreased from the same period last year and missed the Street estimates.

The company's earnings totaled $237 million, or $6.65 per share. This compares with $626 million, or $16.78 per share, in last year's third quarter.

Analysts on average had expected the company to earn $8.18 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 2.4% to $3.480 billion from $3.564 billion last year.

Avis Budget Group Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $237 Mln. vs. $626 Mln. last year. -EPS (Q3): $6.65 vs. $16.78 last year. -Revenue (Q3): $3.480 Bln vs. $3.564 Bln last year.