Avis Budget Group Inc. shares dropped in the extended session Monday after the car rental company’s third-quarter earnings and outlook fell short of Wall Street estimates. Avis shares fell 9.4% to $47.40. The company reported adjusted third-quarter earnings of $1.98 a share on revenue of $2.58 billion. Analysts surveyed by FactSet had estimated earnings of $2.02 a share on revenue of $2.59 billion. Avis forecast adjusted full-year earnings of $3.10 to $3.25 a share, while analysts estimate $3.36 a share.
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