Why Avis Budget Group (CAR) Stock Is Surging In After-Hours Trading

NEW YORK (TheStreet) -- Shares of Avis Budget Group Inc.  (CAR) are up 3.27% to $60.02 after the company reported second quarter earnings with net income of $74 million, or 68 cents per diluted share, up from $58 million, or 50 cents per diluted share in the second quarter a year ago.

The rental car company reported revenue of $2.2 billion, a 10% increase from the same quarter in 2013, primarily due to an 8% increase in rental days and increased pricing in North America.

In its full year outlook, Avis Budget Group estimated that its 2014 diluted earnings per share, excluding certain items, will increase 25% to 39% from 2013, to $2.75 to $3.05.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

CAR ChartCAR data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Billionaire Investor Tim Draper Explains Why Bitcoin Will Hit $250,000 in 2022

Billionaire Investor Tim Draper Explains Why Bitcoin Will Hit $250,000 in 2022

To Think a Trade War's Still Just a Threat Is the Dumbest Thing on Wall Street

To Think a Trade War's Still Just a Threat Is the Dumbest Thing on Wall Street

M&A Trends Still on Investors' Minds Despite Worries Over Tariffs -- ICYMI

M&A Trends Still on Investors' Minds Despite Worries Over Tariffs -- ICYMI

Dow Falls as U.S. Imposes Tariffs on $50 Billion of Chinese Goods

Dow Falls as U.S. Imposes Tariffs on $50 Billion of Chinese Goods

General Motors Spikes on Report It's Considering Listing Shares of Cruise Unit

General Motors Spikes on Report It's Considering Listing Shares of Cruise Unit