Zipcar (UNKNOWN:ZIP.DL2) has reported its Q4 and 2012 results. For the quarter, the company's revenue grew by 12% on a year-over-year basis, to $71 million. Its GAAP net profit came in at $13.8 million ($0.34 per diluted share), a more than threefold improvement over Q4 2011's $3.9 million ($0.09).
On average, analysts were expecting EPS of only $0.06.
For the full year, top line came in at $279 million, which bettered 2011's $242 million. Net profit was $14.2 million ($0.35 diluted EPS), against a loss of $7.2 million ($0.24) in the previous year.
Zipcar is soon to be acquired by rental car giant Avis Budget Group (NASDAQ:CAR), pending Zipcar shareholder approval and review by certain regulatory bodies, in a cash transaction worth $12.25 per share. The deal is expected to close in March or April.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Zipcar. The Motley Fool owns shares of Zipcar. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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