Dollar Thrifty Q1 beats, raises 2011 profit outlook
* Q1 adj EPS $0.47 vs est $0.38
* Rev $348.3 mln vs est $345.3 mln
* Raises adj EBITDA $260-$285 mln from $235-$260 mln (Follows alerts)
May 5 (Reuters) - Car rental company Dollar Thrifty Automotive Group posted market-beating quarterly results, as a rebound in the travel industry pushed up demand for rental cars, and raised its profit outlook for the year.
Dollar Thrifty, which was the subject of a takeover battle between rivals Avis Budget and Hertz , now expects 2011 corporate adjusted EBITDA of $260-$285 million, up from its previous forecast of $235-$260 million.
Dollar Thrifty said although the first quarter was hurt by winter storms in January and February, business picked up in March.
The company, which operates the Dollar Rent A Car and Thrifty Car Rental brands, said the industry is well-positioned headed into the summer peak season. The car rental industry is tied closely to hotel bookings and airline traffic.
January-March net income dropped to $16.5 million, or 53 cents a share, from $27.3 million, or 91 cents a share, a year ago. Excluding items, the company earned 47 cents a share. Revenue was flat at $348.3 million.
Analysts on average were expecting earnings of 38 cents a share on revenue of $345.3 million, according to Thomson Reuters I/B/E/S.
Shares of the Tulsa, Oklahoma-based company closed at $69.43 on Wednesday on the New York Stock Exchange.
