Dollar Thrifty results top estimates on increased rental demand
Nov 1 (Reuters) - Car rental company Dollar Thrifty Automotive Group 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, 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.
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