Verra Mobility Contract With Avis Budget Group Terminated

Dow Jones

05/27

By Christopher Kuo

Verra Mobility's contract with Avis Budget Group is being terminated effective September 2026.

The smart mobility technology provider said it plans to implement cost cuts in response to termination of the contract, which is expected to cut the company's revenue by about $135 million to $145 million this year.

The company on Tuesday also lowered its guidance for full-year revenue and adjusted earnings per share.

Verra said it now expects revenue of $985 million to $995 million and adjusted earnings per share of $1.19 to $1.25. Analysts polled by FactSet expect revenue of $1.03 billion and adjusted earnings per share of $1.36.

"We were surprised and disappointed to receive this notice from Avis Budget Group given our longstanding partnership and the significant time invested by both parties in ongoing extension negotiations," Chief Executive David Roberts said.

The company's shares plunged 27% in after-hours trading to $9.49. The stock is down 42% year to date.

Write to Christopher Kuo at chris.kuo@wsj.com

(END) Dow Jones Newswires

May 26, 2026 16:34 ET (20:34 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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Analysts polled by FactSet expect revenue of $1.03 billion and adjusted earnings per share of $1.36. \n</p>\n<p>\n  \"We were surprised and disappointed to receive this notice from Avis Budget Group given our longstanding partnership and the significant time invested by both parties in ongoing extension negotiations,\" Chief Executive David Roberts said. \n</p>\n<p>\n  The company's shares plunged 27% in after-hours trading to $9.49. The stock is down 42% year to date. \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Write to Christopher Kuo at chris.kuo@wsj.com \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 26, 2026 16:34 ET (20:34 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4106","symbol_name":"數據處理與外包服務","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2638528503","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2638528503","pubTimestamp":1779827640,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Verra Mobility's contract with Avis Budget Group is being terminated effective September 2026.The smart mobility technology provider said it plans to implement cost cuts in response to termination of the contract, which is expected to cut the company's revenue by about $135 million to $145 million this year.The company on Tuesday also lowered its guidance for full-year revenue and adjusted earnings per share.Verra said it now expects revenue of $985 million to $995 million and adjusted earnings per share of $1.19 to $1.25. 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