The earnings are well above the company’s pre-COVID year 2019.
Graphic: Pexels
SIXT continued its growth course in the second quarter of 2023, generating record revenues of just over $1 billion and marking the highest second quarter revenue in company history, the company reported Aug. 9.
This figure equates to an increase of 24.4% compared to the same quarter of last year. The company attributes the increase to the following factors:
- Strong demand for rental vehicles,
- A record fleet of 166,300 rental vehicles (up 24.6% since Q2 2022),
- A continuation of elevated rental prices from 2019.
Sixt noted the B2B rentals and long-term business rentals also boosted second quarter revenues.
Consolidated earnings before taxes (EBT) hit a record of $143.7 million in the second quarter. The EBT margin reached 14.3%, far above the record figures seen in the second quarter of 2019. Co-CEO Konstantin Sixt cited Sixt’s premium offerings for customers and the addition of 850 employees as more reasons for Sixt’s successful quarter.
Co-CEO Alexander Sixt reported the record results have led the company to increase its EBT forecast of $468.2 million to $598.9 million for the full year.
“Our earnings will thus be significantly above our pre-COVID year 2019,” he said. “The current uncertain macroeconomic situation for Europe, especially for Germany, may influence the course of the second half of the year and we are therefore also cautious with regard to our fleet purchasing for 2024.”