Avis Budget Group reported a $170 million net loss for the fourth quarter of 2011, compared with a $24 million loss for the same period in 2010.
The widened loss was due to the costs of acquiring Avis Europe and the failed attempt to acquire Dollar Thrifty.
The group's revenue increased 33% during the quarter, thanks in large part to the inclusion in year-over-year comparisons of Avis Europe, which Avis Budget acquired in October.
Excluding Avis Europe, the group saw rental volume increase 5% year over year and pricing decline 2%.
CFO David Wyshner during an earnings call Thursday said Avis Budget commercial volume during the quarter grew 1% year over year, though commercial pricing was down 2%, "consistent with the full year."
Source: Business Travel News