Auto Rental News
MenuMENU
SearchSEARCH

Dollar Thrifty Reports Record Q1 Profit

Net income surges on a strong used car market, an increase in rental days and utilization, partially offset by declines in revenue per day.

by Staff
May 9, 2012
3 min to read


Dollar Thrifty Automotive Group Inc. today reported results for the first quarter 2012. Net income for the quarter was $40.4 million compared to net income of $16.5 million for the first quarter of 2011. The company also reported corporate adjusted EBITDA for the first quarter of 2012 of $76.8 million, compared to $36.3 million in the first quarter of 2011.

"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 CEO. "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."

For the quarter, the company's vehicle rental revenue was $339.1 million, compared with $332.3 million for the same period in 2011. The increase was driven by a 6.5% increase in rental days, partially offset by a 4.2% decrease in revenue per day. Vehicle utilization for the first quarter of 2012 was 81%, up from 79.7% during last year's first quarter. Revenue per unit per month for the first quarter of 2012 was $1,115, compared to $1,131 per unit per month in the first quarter of 2011.

"Demand for our value-oriented product offerings is strong, as evidenced by our rental day growth this quarter," Thompson said. "The recovery in the leisure travel market continues to show steady improvement, and as we head into the peak season we are pleased with the strength of our forward reservation bookings."

Fleet cost per vehicle was $136 per month in the first quarter of 2012, compared to $251 per month in the first quarter of 2011. The decrease in fleet cost per vehicle per month resulted primarily from lower overall depreciation rates on the company's fleet due to the ongoing strength of the used vehicle market and improved fleet strategies. Additionally, the company noted that vehicle remarketing volumes increased significantly on a year-over-year basis due to a substantial fleet refresh cycle currently underway.

The company sold approximately 14,400 risk vehicles at a total gain of $14.3 million during the first quarter of 2012, compared to approximately 6,900 risk vehicles at a total gain of $7.9 million in the first quarter of 2011. The average fleet for the quarter was up 3.6% compared to the prior-year period.

As of March 31, 2012, the company's tangible net worth was $635 million, and the company had no corporate debt outstanding.


2012 Outlook Update

As previously announced, based on first quarter performance, current overall economic conditions, expectations for continued strength in the domestic used vehicle market and continued improvement in travel volumes, the company noted that it has revised its full year guidance for diluted earnings per share to be within a range of $5.00 to $5.60. Additionally, corporate adjusted EBITDA for the full year of 2012 is expected to be within a range of $285 million to $310 million.

Ad Loading...

To see the company's 2011 full-year results, click here.

More Rental Operations

Collage of cleaning car interior
Rental Operations•November 5, 2026

How Better Cleaning Processes Improve Rental Fleet Efficiency

A consistent approach to vehicle cleaning helps rental operators reduce turnaround delays and return vehicles to service without compromising cleanliness.

Read More →
Paperwork sits in front of a black Lamborghini
Rental Operations•November 1, 2026

Clean on Paper: Red Flags in Exotic Car Rental Verification

A suspicious $45,000 Lamborghini booking reveals the strengths and limitations of renter verification, from forged insurance documents to coverage gaps and unauthorized drivers. (Part 2 of 3)

Read More →
display of Turo's FSD homepage
Rental Operations•by Chris Brown•October 28, 2026

Turo and Tesla Take the Next Step Toward Autonomous Car Rentals

The partnership brings Tesla's Full Self-Driving (Supervised) technology into the rental experience, offering a glimpse of how increasingly automated vehicles could change car rental.

Read More →
Ad Loading...
Two identical rental cars, two different prices
Rental Operations•Cover Story•October 26, 2026

How Rental Operators Can Navigate Personalized Pricing Rules

As regulators scrutinize the use of customer data in pricing, rental operators need to know whether they can explain why one renter pays more than another.

Read More →
a laptop shows different connectivity paths for car rental supply
Rental Operations•October 23, 2026

Direct, Broker or Hybrid? How Travel Retailers Source Rental Cars

As travel retailers weigh direct supplier relationships against third-party distribution, rental operators need to understand how those decisions affect their business.

Read More →
thumbnail of title and photo of Joel Price and Chris Brown
Rental Operations•by Chris Brown•October 20, 2026

How Did This Independent Rental Operator Grow to 170 Vehicles in 4 Years?

With 170 vehicles across three Kentucky locations, Joel Price relies on an overseas team to handle reservations, payments, and after-hours customer service. It's one part of an unconventional approach to growing an independent rental operation.

Read More →
Ad Loading...
thumbnail what does it take to succeed in b2b rentals
Rental Operations•by Chris Brown•October 12, 2026

What Does It Take to Succeed in B2B Rentals?

The fundamentals may be familiar to daily car rental operators, but project-based truck rentals put different demands on the fleet and the business.

Read More →
Photo of Ana Laborde and world map
Rental Operations•by Chris Brown•October 12, 2026

NPR Builds on International Partnerships to Grow Rental Bookings

With Ana Laborde supporting broker development, NPR Auto Group is tailoring distribution strategies, rate packages, and partnerships to grow international reservations across its three brands.

Read More →
Rental car agent shows woman her choice of rental car
Rental Operations•by Chris Brown•October 7, 2026

Advantage, Sixt Place Among Top Five in Annual Satisfaction Study

While Enterprise and National retain the top spots in JD Power’s 2026 rankings, the latest customer satisfaction results suggest renters can find competitive service beyond the biggest car rental names.

Read More →
Ad Loading...
an exotic car wrapped in an insurance policy
Rental Operations•October 1, 2026

The $100,000 Insurance Trap in Exotic Car Rentals

Exotic rental agencies often rely on customers’ personal auto policies to protect six-figure vehicles. But policy language can dramatically change the coverage for vehicles over $100,000 MSRP.

Read More →
Ad Loading...