FX.co ★ Avis Budget Group Inc. Q2 Profit Declines, Misses Estimates

Avis Budget Group Inc. (CAR) reported a decline in second-quarter earnings, failing to meet analysts' expectations.

The company posted earnings of $14 million, or $0.41 per share, significantly down from $435 million, or $11.01 per share, in the same period last year.

According to data compiled by Thomson Reuters, analysts had forecasted earnings of $2.58 per share, excluding special items typically accounted for in such estimates.

Revenue for the quarter also saw a decline, dropping 2.4% to $3.048 billion, compared to $3.123 billion in the previous year.

A summary of Avis Budget Group Inc.'s GAAP earnings for Q2:

- Earnings: $14 million, compared to $435 million last year.

- EPS: $0.41, compared to $11.01 last year.

- Revenue: $3.048 billion, compared to $3.123 billion last year.