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Avis Budget Posts Wider Loss, Beats Street
Avis Budget(CAR) reported a narrower-than-expected first-quarter loss, but said slackening demand amid the recession hit it hard during the period.
After the market closed Wednesday, Avis reported a loss of $49 million, or 48 cents a share, besting analysts' expectations of a 63-cent loss per share. In the year-earlier period, the company was also in the red, losing $12 million, or 11 cents a share. All those figures exclude one-time items.
Revenue slid 17% to $1.19 billion from $1.4 billion a year ago. ...
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