Avis Budget Group Q2 Results Top Estimates; Boosts FY14 Outlook

(RTTNews) - Avis Budget Group, Inc. (CAR) reported net income for the second quarter of $26 million or $0.24 per share, compared to a net loss of $28 million or $0.26 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $74 million or $0.68 per share, compared to $58 million or $0.50 per share in the prior year quarter.

Revenue for the second quarter roe 10% to $2.19 billion from $2.00 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.61 per share on revenue of $2.13 billion for the second quarter. Analysts' estimates typically exclude special items.

For the full-year 2014, the company now forecasts of $8.6 billion to $8.7 billion and adjusted earnings of $2.75 to $3.05 per share. Previously, the company forecast revenues of $8.4 billion to $8.6 billion and adjusted earnings of $2.50 to $2.95 per share. Analyst currently expect the company to earn $2.88 per share on revenue of $8.49 billion for the full year 2014.