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Avis shares jump after topping revenue estimate

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Andrew Harrer | Bloomberg | Getty Images

Shares of Avis Budget popped 6 percent on Wednesday after the company reported second-quarter results the day before.

The car rental company reported profit of 63 cents per share on revenue of $2.24 billion, compared with analysts' expectations for 69 cents a share on revenue of $2.21 billion, according to a Thomson Reuters consensus estimate. Earnings were down from 84 cents a share a year earlier, while revenue rose 3 percent from $2.17 billion.

Despite its earnings miss, Avis' outlook for the current quarter is optimistic. The company said it projects full-year revenue to increase 3 to 5 percent to between $8.75 billion and $8.9 billion.

Additionally, it said it expects "movements in currency exchange rates ... to negatively impact revenue growth by approximately $50 million."

Shares in Avis are up more than 1 percent so far this year.

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Correction: This story has been updated to reflect that Avis topped revenue estimates in the second quarter.