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Dollar Thrifty Automotive Group Inc. (NYSE:DTG) reported its results for the first quarter. Dollar Thrifty Automotive Group operates in the United States and Canada and, through its Dollar and Thrifty brands, is mainly engaged in the business of the daily rental of vehicles to business and leisure customers through company-owned stores.
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Results: Net income for Dollar Thrifty Automotive Group Inc. rose to $40.4 million ($1.35 per share) vs. $16.5 million (53 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year-earlier quarter.
Revenue: Rose 2.3% to $356.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Dollar Thrifty Automotive Group Inc. fell in line with the mean analyst estimate of $1.35 per share. Analysts were expecting revenue of $357.1 million.
Quoting Management: “We are pleased to report another record quarter, and the highest first quarter profit in the Company’s history,” said Scott L. Thompson, Chairman, President and Chief Executive Officer. “A strong used car market, combined with continued emphasis in the areas of cost control, productivity initiatives, fleet utilization and balance sheet management enabled us to achieve another record quarter, in spite of a competitive rate environment.”
The company has now seen its net income rise for three quarters in a row. In the fourth quarter of the last fiscal year, net income rose more than twofold and in the third quarter of the last fiscal year, the figure rose 35.5%.
The company fell in line with estimates last quarter after beating expectations in the previous two quarters. In the fourth quarter of the last fiscal year, it topped the mark by 34 cents, and in the third quarter of the last fiscal year, it was ahead by 15 cents.
Revenue has now increased for three consecutive quarters. In the fourth quarter of the last fiscal year, revenue rose 1.3% to $353.7 million while the figure rose 1.8% in the third quarter of the last fiscal year from the year earlier.
Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the second quarter has risen to $1.30 per share from $1.13. Over the past three months, the average estimate for the fiscal year has climbed from $4.65 per to share to $5.24.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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