Avis Shares Down 11% After Company Narrowly Misses On Revenue

Avis Budget Group Inc. shares tanked 11% on Tuesday after the car rental company missed Wall Street fourth-quarter estimates. The company said it lost $5 million, or 6 cents a share, in the fourth quarter, versus a gain of $23 million in the year-ago period. Adjusted for one-time items, Avis earned $18 million, or 18 cents a share, down from $25 million, or 23 cents a share, a year ago. Revenue reached $1.9 billion, from $1.88 billion a year ago. Analysts polled by FactSet had expected Avis to report adjusted earnings of 17 cents a share on sales of $1.93 billion. Shares ended the regular trading session up 1%. Avis also forecast higher per-vehicle fleet costs for this year, to $280 to $290 a month compared with $277 in 2015.