Avis Budget (CAR) and Dollar Thrifty (DTG) Higher On Hertz (HTZ) News
Avis Budget Group, Inc. (NYSE: CAR) and Dollar Thrifty Automotive Group Inc. (NYSE: DTG) are seeing upside action this morning following raised guidance and comments about signs of stabilization in the rental market from Hertz Global Holdings, Inc. (NYSE: HTZ) this morning.
Avis Budget is up 9% this AM and Dollar Thrifty Automotive is up 3% on the news. Hertz Global is up 13%.
Hertz Global Holdings, Inc. (NYSE: HTZ) sees Q2 revenue of $1.70 to $1.75 billion and EPS of $0.09-$0.10, versus the consensus of $1.89 billion and $0.01, respectively. For the full year 2009, Hertz sees revenues of $6.7-$7 billion and EPS of $0.12-$0.15, versus the consensus of $7.45 billion and a loss of $0.23, respectively.
Hertz CEO CEO Mark P. Frissora said, "car rental demand in the U.S. and Europe has stabilized and we are experiencing better-than-anticipated summer peak reservation build in both markets. We are adding fleet as a result." The company also anticipates no significant long-term financial impact from the GM and Chrysler bankruptcies.
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