Avis Budget Shares Fall After Earnings, Revenue Miss

Avis Budget Group Inc. shares declined in the extended session Wednesday after the car rental company's quarterly earnings fell below Wall Street estimates. Avis shares fell 6.5% to $38 after hours. The company reported adjusted fourth-quarter earnings of 15 cents a share on revenue of $1.88 billion. Analysts surveyed by FactSet had estimated earnings of 17 cents a share on revenue of $1.97 billion. For 2017, Avis sees adjusted earnings of $3.05 to $3.75 on revenue of $8.8 billion to $8.95 billion. Analysts had estimated earnings of $3.46 a share on revenue of $9.01 billion.