Avis Budget: Q3 Earnings Snapshot

PARSIPPANY, N.J. (AP) — PARSIPPANY, N.J. (AP) — Avis Budget Group Inc. (CAR) on Wednesday reported third-quarter profit of $626 million.

On a per-share basis, the Parsippany, New Jersey-based company said it had net income of $16.78.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $14.54 per share.

The car rental company posted revenue of $3.56 billion in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $3.57 billion.

Avis Budget shares have climbed slightly since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $164, a decrease of 26% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAR at https://www.zacks.com/ap/CAR