U.S. travel and international companies are benefiting as Europe's economy strengthens, the Wall Street Journal reported.

It reported growth in the eurozone economy of an annualized rate of 2.3 percent in the first quarter compared with 1.2 percent in the U.S. 

The Journal reported FactSet data showing a 23 percent rise in shares of online travel company Priceline Group (PCLN)  so far this year and a 32 percent rise in shares of tobacco company Philip Morris International Inc. (PM - Get Report) .

U.S. companies with global operations saw a 25 percent rise in profits from a year earlier, outperforming those without, the Journal reported, citing the Commerce Department.