UPDATE: Avis Budget Posts Q1 Results, Issues 2012 Forecast

Avis Budget Group Inc CAR swung to a loss in the first quarter. Avis Budget posted a quarterly loss of $23 million, or $0.22 per share, versus a year-ago net income of $7 million, or $0.06 per share. Its adjusted profit came in at $0.12 per share. Avis Budget's revenue rose 31% to $1.6 billion. However, analysts were expecting a loss of $0.01 per share on revenue of $1.59 billion. Avis Budget projects adjusted 2012 earnings of $2.35 to $2.65 per share, versus analysts' expectations of $2.11 per share. Avis Budget shares closed at $15.90 on Friday.