Dollar Thrifty Beats EPS Estimates, Buys Back More Shares

Dollar Thrifty Automotive Group Inc. (NYSE: DTG) reported this morning that its second-quarter earnings came to $1.36 per share on $378.9 million in revenue. EPS were $1.37 and revenue $378.2 million in the same period a year ago. Thomson Reuters consensus estimates were for $1.24 per share and $408.3 in revenue. The Tulsa-based vehicle rental company also gave full-year EPS guidance in a range from $5.25 to $5.70 per share. That is up from its previously announced range of $5.00 to $5.60 per share.

“We are pleased to report record second quarter results, particularly in light of the disappointing current economic environment,” said Scott L. Thompson, chairman, president and chief executive officer.

The company also noted that it repurchased 283,250 shares at an average price of $78.81 during the second quarter of 2012.  These repurchases were in addition to the previously disclosed 1.515 million shares repurchased through March 31, 2012.

Dollar Thrifty has long been a buyout out target, but it said that no other company has put forward an offer this year to purchase it.

Competitor Avis Budget Group Inc. (NASDAQ: CAR) is set to share its quarterly results after the markets close. The average forecast of analysts is for profit of $0.70 per share, a rise of 11.1% year-over-year, and 35.5% growth in revenue to $1.91 billion.

Shares of Dollar Thrifty closed Tuesday at $74.40 in a 52-week trading range of $50.94 to $84.91. Thomson Reuters had a consensus analyst price target of $82 before this earnings release. Shares of Avis Budget closed Tuesday at $14.37 in a 52-week trading range of $8.45 to $16.97.