PARSIPPANY, N.J. (AP) — PARSIPPANY, N.J. (AP) — Avis Budget Group Inc. (CAR) on Monday reported first-quarter profit of $312 million.

On a per-share basis, the Parsippany, New Jersey-based company said it had profit of $7.72.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $3.34 per share.

The car rental company posted revenue of $2.56 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $2.5 billion.

Avis Budget shares have risen 8% since the beginning of the year. In the final minutes of trading on Monday, shares hit $177.22, a decrease of 34% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAR at https://www.zacks.com/ap/CAR

For copyright information, check with the distributor of this item, STATS Perform dba Automated Insights. , source Associated Press News