Nov 1 Dollar Thrifty Automotive Group
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, 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
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
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
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 reported a
better-than-expected quarterly profit, benefiting from the
recovering business and travel in the US.
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.