Orbitz 1Q Loss Narrows on Better Bookings
Online travel agency Orbitz Worldwide reported a narrower first-quarter loss on Thursday as more vacationers booked vacation packages and paid more to do it.
The Chicago company , which owns several websites besides its namesake including cheaptickets.com, posted a loss of $6.5 million, or 6 cents per share, in the January-March quarter, compared with a loss of $10.9 million, or 11 cents per share, a year ago.
Revenue rose 3 percent to $189.8 million from $184.9 million in the first quarter of 2011.
Analysts expected a loss of 7 cents per share on revenue of $190.4 million.
Customer bookings grew 6 percent. They bought more hotel and vacation packages, while average daily hotel rates and airfares both rose.
Expenses stayed virtually even with a year earlier.