Dollar Thrifty Automotive Group said it expects to end the third quarter with an unrestricted cash balance in excess of $200 million, up from $80 million at the end of the second quarter.
The car rental company added that it anticipates reporting a third-quarter profit.
Dollar Thrifty said it benefited from a cash dividend from its vehicle finance subsidiary. Also, the company in late September amended its credit agreement to increase leverage for the period between Sept. 30 and Nov. 30.
Dollar Thrifty said that as of Sept. 30, it remained in compliance with all financial covenants.
“With today’s unprecedented challenges in the economy, maintaining sufficient liquidity and unrestricted cash are important factors to help companies weather this cycle,” said Scott Thompson, Dollar Thrifty’s CEO.
The company will release third-quarter financial results on Nov. 5.