Avis Budget Lowers Full-year Earnings Guidance - Quick Facts

(RTTNews) - Avis Budget Group, Inc. (CAR) announced the company now expects its 2017 adjusted earnings per share in a range of $2.40 - $2.85. In May, the company projected its 2017 adjusted earnings per share in a range of $2.85 to $3.50.

Second-quarter adjusted net income was $25 million or $0.30 per share. The company reported revenue of $2.2 billion, unchanged compared to the prior year, with an increase in overall rental days being offset by a decrease in pricing. Strong International revenue growth offset lower revenue in the Americas.

"Our second quarter results in the Americas reflected both a 4% reduction in pricing resulting from industry over-fleeting and higher per-unit fleet costs due to lower used-vehicle values. Consequently, we have identified $25 million of additional savings opportunities globally, bringing our total expected savings this year to $75 million, and have lowered our full-year earnings guidance to reflect the difficult first half," said Larry De Shon, Avis Budget CEO.