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Avis Budget Raises Revenue Projection

Avis Budget Group Inc. CAR -4.43 % on Tuesday raised its revenue projections for the year even as its first-quarter loss widened sharply as the car-rental company ramped up spending.

The company, which also affirmed its profit projection, now expects revenue to increase 3% to 5% to $8.75 billion to $8.9 billion, compared with its earlier view of a 2% to 4% increase.

Shares, which have lost more than half of their value over the past 12 months, rose 2% to $24 in after-hours trading.

“Our first-quarter results...