UPDATE: Avis Budget Posts Narrower Q4 Loss

Avis Budget Group

posted a narrower fourth-quarter loss. Avis Budget posted a quarterly loss of $46 million, or $0.43 per share, versus a year-ago loss of $170 million, or $1.62 per share. Excluding one-time items, it posted an adjusted loss of $0.07 per share. Its revenue rose 4.2% to $1.7 billion. However, analysts were expecting a loss of $0.07 per share on revenue of $1.63 billion. Avis Budget shares dropped 2.43% to $22.50 in after-hours trading.