Dollar Thrifty Automotive Group Inc. (NASDAQ:DTG) reported its results for the first quarter. Dollar Thrifty Automotive Group, Inc. operates in the U.S. 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.
Dollar Thrifty Automotive Group Earnings Cheat Sheet for the First Quarter
Results: Net income for the rental and leasing services company fell to $16.5 million (53 cents/share) vs. $27.3 million (91 cents/share) a year earlier. A decline of 39.5% from the year earlier quarter.
Revenue: Remained constant at $348.3 million.
Actual vs. Wall St. Expectations: DTG beat the mean analyst estimate of 38 cents/share. Estimates ranged from 33 cents per share to 41 cents per share.
Quoting Management: “Our results for the quarter exceeded our previously announced expectations as business strengthened during the latter part of the quarter, with March revenues coming in very strong. We are particularly pleased with our performance this quarter considering the operating environment caused by the severe winter storms in January and February. The Company generated a Corporate Adjusted EBITDA margin of 10.4 percent during a seasonally weak quarter for the industry,” said Scott L. Thompson, President and Chief Executive Officer.
Key Stats: A year-over-year revenue decrease last quarter snaps a streak of two consecutive quarters of revenue increases. Revenue rose 1.1% in the fourth quarter of the last fiscal year and 1.1% in the third quarter of the last fiscal year.
Companies to Watch: Avis Budget Group Inc. (NYSE:CAR), Hertz Global Hldgs., Inc. (NYSE:HTZ), EV Transportation Inc (EVTP), Avis Europe plc (AVE), Helphire Group plc (NYSE:HHR), Ford (NYSE:F), Toyota (NYSE:TM), General Motors (NYSE:GM), Premier Enterprise PCL (PE), A.S.G. (Andy Spyrou) Group Public Ltd (NYSE:ASG), and Krungthai Car Rent & Lease PCL (KCAR)
Stock Performance: Shares of DTG are trading at $69.43 as of May 5, 2011 at 9:07 AM ET, unchanged from the previous close.