Sixt sees strong US business and rising European demand

Car hire firm Sixt has exceeded market expectations in the second quarter of 2021, thanks to strong US business, increasing demand in Europe and continuing cost management.

It reported pre-tax earnings €78 million in the period from April to June, despite the ongoing pandemic.

Consolidated operating revenue in the quarter was €498 million – more than double the same period last year, €225.8 million, but 20% lower than the €625.7 million recorded in Q2 of 2019.

Analysts’ estimates for the second quarter had assumed EBT of €61 million and consolidated revenue of €468 million.

Alexander Sixt, co-chief executive, said: “The second quarter developed extremely positively, with EBT [earnings before tax] of around €78 million well above market expectations.

“Despite continuing uncertainties, especially for the fourth quarter, we currently expect the positive trend to continue.

“For the current financial year, we therefore expect EBT of between €190 million and €220 million, which is also above market expectations, and consolidated operating revenue  of between €1.95 billion and €2.1 billion.

“This very positive business development clearly demonstrates the unbroken urge of people to be mobile again and to travel as soon as possible.”

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