Dollar Thrifty records improved third quarter results - Car Rental News
Dollar Thrifty records improved third quarter results
Car Rental News - 02/11/2009
Car rental giant records third year-on-year improvement
The car rental agency, Dollar Thrifty, has released its third quarter figures for the period ending September 30th 2009. The results are an improvement on last year’s performance, with Dollar Thrifty recording an increase in net income from $18.9 million to $30.1 million when comparing the latest figures with last year’s third quarter.
Dollar Thrifty president and CEO, Scott L Thompson has hailed this as the third consecutive year-on-year improvement on profits, and has said this is a particularly encouraging outcome in the face of the tough economic times. He pointed out that difficult decisions on cost-cutting and regulating cash-flow had brought forth the desired results. Thompson has said he remains confident that the improvement would continue over the foreseeable future.
Total revenue for Dollar Thrifty, however, did record a dip, with 2009 figures showing a $438.9 million total revenue, where 2008 showed $500.6 million. Thompson has said this was not an unexpected figure, and attributed the dip to a drop of 21.3% in rental days.
The drop in total revenue was offset by the growth in revenue per day of 11.5%. The same growth in revenue per day has been cited by the president and CEO as a reason to be optimistic about figures for the next few months. Dollar Thrifty has also said it is expecting an overall improvement in the operating environment, as economic strains ease and credit becomes more readily available in 2010.