DOW JONES NEWSWIRES Avis Budget Group Inc. (CAR) doubled its second-quarter earnings, helped by a sharp jump in international car-rental revenue. Shares popped 3.9% to $14.82 after hours as results far exceeded analyst expectations. Avis Budget's profitability has been improving more than a year now due to better travel trends and lower fleet costs. The company has also credited its focus on productivity and expense management for lifting the bottom line. The company and Hertz Global Holdings Inc. (HTZ) are both pursuing a takeover of Dollar Thrifty Automotive Group Inc. (DTG), which has said it is cooperating with both companies as they seek regulatory approval for their rival offers. Avis posted a profit of $52 million, or 42 cents a share, up from $26 million, or 22 cents a share, a year earlier. Excluding transaction-related expenses, per-share earnings jumped to 63 cents from 25 cents. Net revenue increased 9.1% to $1.41 billion. Analysts surveyed by Thomson Reuters predicted per-share earnings of 33 cents on revenue of $1.36 billion. In the U.S., car-rental revenue improved 7.5%. International car-rental revenue jumped 20%, helped by an increase in rental days. -By Joan E. Solsman and Mia Lamar, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com
