Dollar Rent A Car Release Full Year Accounts

Hi all,

Yesterday the Dollar Thrifty Group (DTG)  released full 2011 end of year accounts and also quarter 4 details.

In a nutshell Dollar Thrifty have had another record year eclipsing last years results which at the time was also a record year!  Boosted by a buoyant second hand market DTG boasted profits of $159.6 million,  up from $131.2 million,  in 2010. Revenue rose to $1.55 billion from $1.54 billion.

Scott L Thompson, Chairman and CEO stated

“We are pleased to announce that for the second consecutive year, the company is reporting record earnings,”

“During 2011, we benefited from a robust used vehicle market, a recovering travel market with increasing demand for value-oriented product offerings, and our ongoing focus on expense control and productivity initiatives.”

What does Dollar Thrifty expect for 2012?

2012 Outlook  

The Company is providing the following guidance for 2012 with respect to key drivers of its business model:

  • Vehicle rental revenues are projected to be up 3 – 5 percent compared to 2011.
  • Vehicle depreciation costs for the full year of 2012 are expected to be within a range of $220 to $240 per vehicle per month.
    • The Company is utilizing a Manheim index of 124 for the full year of 2012 for purposes of estimating residual values and depreciation rates.
    • Gains on sales of risk vehicles in 2012 are expected to moderate significantly on both an aggregate dollar and per unit basis compared to vehicle gains recorded in 2011.  This decrease is the result of continued refinements of residual value assumptions to more closely align with market conditions at the time of sale.
  • Interest expense is expected to decline significantly on a year-over-year basis, primarily as a result of lower overall interest rates on the Company’s fleet financing facilities as compared to the fixed rates on matured and maturing financing facilities, and the repayment of all of the Company’s corporate debt in 2011.  These decreases will be partially offset by higher rates on the newly completed revolver and the expected re-leveraging of our Canadian fleet.
So a great year for Dollar Rent A Car bucking the trends of the recession, I’ll be interested to read how other trading companies have done in 2011.
regards,
James

 Florida car hire

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