Ground Transportation Avis Budget profit rises, but shares fall on reduced forecast By Danny King / November 05, 2012 Share 1 -- Avis Budget Group’s third-quarter profit more than tripled from a year earlier, primarily on last year’s acquisition of Avis Europe. Shares fell 6% on Friday after Avis Budget lowered its 2012 revenue and profit forecasts on challenging business conditions in Europe.Avis Budget’s net income rose to $280 million from $82 million a year earlier. Revenue rose 34% to $2.17 billion, though North American revenue was up just 2%. Excluding Avis Europe, the company’s rental volume rose 4%, offsetting a 3% drop in rental rates.The company cut its 2012 revenue forecast from its August estimates by $500 million, to $7.3 billion, while reducing the upper end its estimate for earnings by $35 million, to $875 million (excluding certain items). Avis Budget accounts for about 18% of the U.S. car rental market, according to trade publication Auto Rental News.Follow Danny King on Twitter @dktravelweekly.