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Avis Budget announced preliminary 2017 results ahead of FactSet consensus [MarketWatch]

AVIS BUDGET GROUP (CAR)  More Company Research Source: MarketWatch
Last avis budget group earnings: 5/2 04:15 pm Check Earnings Report
US:NASDAQ Investor Relations: ir.avisbudgetgroup.com
PDF Avis Budget announced preliminary 2017 results ahead of FactSet consensus Avis Budget Group CAR, -3.67% shares were down slightly in premarket trading Tuesday after the firm said that based on preliminary numbers, it expected revenue for its 2017 fiscal year to be $8.85 billion, up 2.2% from a year ago and ahead of FactSet consensus estimates for $8.81 billion. The company expects adjusted pretax income of between $340 and $350 million, also ahead of estimates. "Over the past two years we were confronted with nearly $300 million of unexpected pricing and fleet cost challenges," CEO Larry De Shon said in a release. "In the face of these extraordinary market pressures, we took decisive steps to reduce costs, including implementing voluntary retirement programs and other actions that produced more than $75 million of cost savings in 2017 alone." He also highlighted the company's efforts to adapt to a changing mobility environment, including a previously announced partnership with Waym [Read more]

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