RTRS:Dollar Thrifty results top estimates on increased rental demand
(Reuters) - Car rental company Dollar Thrifty Automotive Group (DTG.N) reported better-than-expected quarterly results, helped by increased rental demand.
The company, in the process of being taken over by rival Hertz Global Holdings Inc (HTZ.N), said it expects adjusted earnings of between $5.50 and $5.75 per share for the full year.
The company raised the lower end of its outlook for corporate adjusted EBITDA for the full year by $15 million to $300 million. The top end of the range remains unchanged at $310 million.
Net income fell to $55.5 million, or $1.91 per share, for the third quarter, from $66.6 million, or $2.13 per share, a year earlier.
Rental revenue rose about 1.5 percent to $442.3 million.
Total revenue rose 2 percent to $460.6 million.
Analysts on average expected the company to earn $1.69 per share on revenue of $454.1 million, according to Thomson Reuters I/B/E/S. (Reporting by Mridhula Raghavan in Bangalore; Editing by Joyjeet Das)
