Avis Budget Group posted a $46 million fourth-quarter net loss, narrower than the $170 million loss for the same period in 2011. The company's
full-year profit was $290 million, compared with a $29 million 2011 loss.
Fourth-quarter revenue increased 4 percent year over year on a 6 percent
increase in rental day volume. Yet, the company continued to experience
softness in pricing, with a 2 percent year-over-year decline in rental revenue
per day. Avis Budget chairman and CEO Ron Nelson during a conference call with
analysts said large corporate clients continue to resist any rate increase,
citing a competitive marketplace, but pointed to pricing gains in the leisure
segment and among midmarket and small businesses. Meanwhile, federal antitrust
regulators recently cleared the company's Zipcar acquisition, which Avis Budget
expects to close in March or April.
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