Investing.com — Shares of Avis Budget Extended trading in Group (NASDAQ: ) rose 14% after extended trading following the release of its earnings report for the first quarter. This beat analyst expectations.

Car rental company, which reported earnings per share at $9.71 for revenue $2.4 billion, surpassed earnings expectations. Investing.com polled analysts and predicted earnings of $3.38 per Share on revenues of $2.16 Billion.

In the second quarter of 2021, revenue was 77% more than in the previous quarter. Meanwhile, adjusted earnings per share were $9.99

Avis stated that rental day demand increased throughout the quarter, which in turn drove higher revenue per day.

“Despite the impact of Omicron on the first half of the quarter, our team was able to quickly pivot to manage the significantly increasing demand during the back half of the quarter,” said Joe Ferraro, Avis Budget Group Chief Executive Officer.

“We focused on diligent fleet management and continued cost optimization to generate a new record first-quarter Adjusted EBITDA,” he added.

Avis announced that in March and May it had approved increases of $1 billion and $2 million to its share repurchase authorizations. This brings to $2.3 billion the total stock repurchase authorization.