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Dollar Thrifty raises lower-end of FY profit forecast
(Reuters) - Dollar Thrifty Automotive Group DTG.N reported better-than-expected quarterly results, helped by increased car rental demand, and raised the lower end of its full-year earnings forecast.
The company, in the process of being taken over by rival Hertz Global Holdings Inc (HTZ.N), said it now expects to earn at least $5.50 per share for 2012, up from the $5.25 it expected earlier. The top end of its forecast remains unchanged at $5.70 per share.
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.
Dollar Thrifty said it took merger-related charge of $5.7 million in the quarter.
Hertz plans to buy Dollar Thrifty for $2.56 billion to boost its rental offering in the cheaper off-airport market, but is reported to be facing regulatory hurdles.
July-September rental revenue at Dollar Thrifty rose about 1.5 percent to $442.3 million. Total revenue rose 2 percent to $460.6 million.
Analysts on average expected it to earn $1.69 per share on revenue of $454.1 million, according to Thomson Reuters I/B/E/S.
Hertz Global Holdings (HTZ.N) reported a better-than-expected quarterly profit, benefiting from the recovering business and travel in the US. [ID:nL3E8LV86C]
Dollar Thrifty shares, which have risen 8 percent in the last three months, closed at $77.00 on the New York Stock Exchange on Wednesday.
(Reporting by Mridhula Raghavan in Bangalore; Editing by Joyjeet Das)
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