Avis Budget Shares Up On Q2 Results
Avis Budget (NASDAQ: CAR) shares are trending higher in extended hours trading after reporting strong second quarter results and full year guidance.
Revenue was 3.3 percent higher than the analyst estimate at $2.2 billion versus $2.1 billion. This is a 10 percent increase over the same period last year. North America led the way with an eight percent increase in rental days while the international segment showed a two percent increase.
EPS of $0.68 was generated during the quarter, beating Wall Street’s consensus by $0.07. The company showed scale with 36 percent year over year earnings growth.
Looking forward, Avis expects full year 2014 revenue in the range $8.6 billion to $8.7 billion generating earnings of $2.75 to $3.05 per share. These compare to $8.5 billion and $2.88 estimates.
Shares of Avis Budget were last trading 4.1 percent higher at $60.50.
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