Dollar Thrifty’s second-quarter net income more than triples from prior year

Dollar Thrifty’s 2Q net income more than triples

TULSA, Okla. — Auto rental chain Dollar Thrifty Automotive Inc.’s said Tuesday its net income more than tripled in the second quarter as it controlled costs, even as revenue was nearly flat.

The company earned $42.3 million, or $1.40 per share, in the three-month period ending June 30. In the same period last year the company earned $12.4 million or 55 cents per share.

Excluding one-time items the company earned $1.26 per share.

Analysts expected the company to earn $1.16 per share on revenue of $407.2 million, according to Thomson Reuters. Analysts typically exclude one-time items from their estimates.

Revenue fell less than 1 percent to $396.2 million.

Dollar Thrifty is in a tug-of-war between larger rivals Avis Budget Group Inc. and Hertz’s Global Holdings Inc. It agreed in April to a buyout offer from Hertz for $1.2 billion, but Avis has offered more than $1.3 billion for Dollar Thrifty.

Dollar Thrifty reaffirmed its fiscal 2010 guidance for rental revenue growth of between 1 percent and 2 percent, with the second half of the year’s growth expected to outpace the first half.

Shares fell 58 cents to $50.26 in afternoon trading Tuesday.