Car-rental firm Avis Budget's CAR.O shares were down 11.3% at $147.52 on Wednesday after results fell short of Wall Street's expectations.
Parsippany, New Jersey-based company late Tuesday reported second-quarter profit of 98 cents/share, well below analysts' average non-GAAP estimate of $2.08/share, according to LSEG data.
Revenue in the quarter dipped to $3 billion from $3.04 billion a year earlier; analysts had modeled $3.1 billion in revenue.
CEO Brian Choi said the company moved quickly to resize its fleet to protect utilization and returns as booking trends shifted during the quarter.
“We remain focused on disciplined execution, stronger customer experiences, and building a business that can perform across different demand environments,” Choi said.
With the decline, CAR shares are up 15% year to date, outperforming the 6% advance in the Nasdaq .IXIC.
Shares hit a record intraday high of $847.70 on Apr. 22, caught up in another
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