TULSA, Okla. (AP) — Dollar Thrifty Automotive Group Inc.'s first-quarter profit more than doubled partly due to increased rental revenue and lower expenses.
The car rental company said on Wednesday that its net income rose to $40.4 million, or $1.35 per share, for the three months ended March 31, up from $16.5 million, or 53 cent per share, a year ago.
The results met the expectations of analysts polled by FactSet.
Chairman, President and CEO Scott Thompson said in a statement that it was the biggest first-quarter profit in the Tulsa, Okla., company's history.
Total costs and expenses dropped to $288.6 million from $322.4 million.
Revenue rose 2 percent to $356.3 million from $348.3 million, topping Wall Street's estimate of $354.5 million.
Vehicle rental revenue rose to $339.1 million from $332.3 million, benefiting from a 6.5 percent increase in rental days. Vehicle usage climbed to 81 percent from 79.7 percent.
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