Car-rental company Dollar Thrifty Automotive Group Inc (DTG.N) posted a narrower quarterly loss, helped by lower expenses, but said it expects fleet costs to remain challenging on a year-over-year basis.
The company said it is in full compliance with all of the financial covenants under its various financing arrangements with lenders.
For the first quarter, net loss was $8.9 million, or 42 cents a share, compared with a net loss of $297.9 million, or $14.07 per share, a year earlier.
Excluding items, net loss for the quarter was 55 cents a share. Revenue fell 9 percent to $362.4 million.
One analyst was expecting the company to post a loss of 42 cents a share, before special items, on revenue of $367.6 million, according to Reuters Estimates.
Selling, general and administrative expenses fell 13 percent to $46.9 million.
Dollar Thrifty's exposure to Chrysler LLC, its primary supplier, has been further reduced since March 31, the company said in a statement.
Shares of the Tulsa, Oklahoma-based company, which rents cars under the Dollar Rent A Car and Thrifty Car Rental brands, closed at $4.73 Tuesday on the New York Stock Exchange.
