Thrifty Car Rental Report Quarterly Increase

The Thrifty car rental company has reported a quarterly profits increase of 15% as it appears that their cost cutting strategies have paid off.  Share prices for the company rose by 19% to $19.10, compared to their record low of just 60 cents in March this year.

Thrifty have published losses in four out of seven quarters and have tightened their projected revenue for 2009, saying that it expects between 8% and 10% compared to an earlier forecast of 6% and 12%.  They have managed to even out the loss in rental days by increasing the cost per day.

“We were pleased with this quarter’s operating results, particularly in light of the contracting economy and the bankruptcy of Chrysler, one of our major suppliers. Over the past two quarters, we have taken a number of steps to enhance our operating performance and cash flow, and those actions, combined with improved used vehicle residual values and firmer rental pricing, drove our improved second quarter performance,” said the chief executive, Scott L Thompson.

Two of the company’s competitors Avis and Hertz both announced losses last week.

Thanks to www.wsj.com for the above quote, for more information on this article please visit their website.