Avis Budget Group Inc. (NYSE:CAR) fell to a more than 10-year low on Wednesday after the car rental company announced its second-quarter earnings and full-year outlook will be below 2007 results. The Parsippany, N.J.-based company said the lower-than-expected earnings are a result of rising fuel costs and declines in U.S. travel. Avis Budget predicts its 2008 pretax income will be $140 million. The company will announce its second-quarter earnings after the market close on Aug. 6.

Avis Budget Group’s shares sank 18% to $5.98 on Wednesday, about $1.31 below Tuesday’s close. The stock has lost 79% during the past year.

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