Orbitz Reports Better-than-Expected Revenue on Increased Bookings

Online travel service provider Orbitz reported better-than-expected second-quarter revenue on increased bookings. The company said earned $6.9 million, or 5 cents a share, on revenue that rose 10% to about $248 million, beating analyst estimates of about $245 million. Gross bookings increased nearly 9% to $3.4 billion, driven by higher volume and higher booking values. For the current quarter, Orbitz expects revenue to be between $249 to $254 million, that's better than the $242.3 million analysts expect. UBS Analyst Eric Sheridan said total gross bookings, revenues and hotel room night growth beat his estimates, while EBITDA was in line. TheStreet's Brittany Umar has details.