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Avis Budget Group reports stronger Q2 earnings

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Avis Budget Group Inc. announced Monday that its second quarter revenue and earnings rose compared with the same period in 2013.

The Parsippany-based rental car company said revenue of $2.2 billion was 10 percent higher than in the year-ago period. It credited an 8 percent increase in rental days and increased pricing across North America for the gains, according to a news release.

Adjusted earnings rose 19 percent, to $213 million, while net income rose 36 percent, to $74 million, or 68 cents per share.

"Our strong second quarter results were driven by our continued growth in both volume and pricing in North America and our relentless focus on accelerating growth in our most profitable channels," Ronald L. Nelson, Avis Budget Group chairman and CEO, said in the release. “Summer volume and pricing have continued the trends we saw in the first half of the year, and we expect to post record results in our third quarter."

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Eric Strauss

Eric Strauss

Eric Strauss is the digital content editor for NJBIZ. He has been a reporter and editor for newspapers in New Jersey and Pennsylvania, as well as for a number of websites. You can contact him at erics@njbiz.com or @acerimrat on Twitter.

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