Leading global car rental company, Avis Budget Group Inc. (CAR) posted better-than-expected second-quarter 2014 results. The results benefited from strong volume growth and improved pricing for both leisure and commercial travels in North America, coupled with the company’s focus on speeding up growth in its most profitable channels.
Based on the robust second-quarter results, the shares of this Zacks Rank #2 (Buy) company rose 4.2% during the after-hours trading yesterday. The company remained focused on its strategy of growing its highly profitable customer segments and channels through acquisitions, which are now yielding results.
Second-quarter 2014 adjusted earnings per share of 68 cents grew 36% from the prior-year earnings and surpassed the Zacks Consensus Estimate of 63 cents.
— Zacks Investment Research