Avis reports profit as car rentals rise in North America

Wed May 7, 2014 4:19pm EDT

May 7 (Reuters) - Car rental company Avis Budget Group reported a profit in the first quarter, compared with a loss a year earlier, helped by higher car rental volumes and rates in North America.

Avis posted a net income of $4 million, or 3 cents per share, in the first quarter ended March 31, compared with a loss of $46 million, or 43 cents per share, a year earlier.

Excluding items, Avis earned 16 cents per share.

Revenue at the car hire firm, which gets more than two-thirds of its revenue from rentals at airports, jumped 10 percent to $1.86 billion. (Reporting by Ankit Ajmera in Bangalore; Editing by Rodney Joyce)