Germany-based car rental company Sixt on Wednesday reported record third-quarter revenue of €1.1 billion (US$1.2 billion), a 13.2 percent increase year over year and the first time any quarter’s revenue exceeded €1 billion, according to the company.
Earnings before taxes, however, declined to €246.9 million from €283.1 million a year prior. Still, they were nearly 70 percent higher than in Q3 2019, according to Sixt.
The company attributed its revenue increase to growth in all market segments, particularly its domestic market of Germany, where revenue grew 21.8 percent year over year to €308.9 million. Revenue for the European segment, minus Germany, increased €8.8 million to €505.2 million. North American revenue was up 13.2 percent to €312.7 million.
Sixt reported a fleet of about 168,300 vehicles as of Sept. 30, up from approximately 136,500 a year prior. The total number of stations as of Sept. 30, however, declined to 2,082 compared with 2,102 for the same period in 2022. Germany had 347 stations versus 358 a year prior. Europe, excluding Germany, grew to 443 from 438, while North America grew by three to 103. In franchise countries, the number of stations fell to 1,189 from 1,206 from Sept. 30, 2022.
Guidance includes “a stronger result for the fourth quarter of 2023 than in the fourth quarter of 2022.” For its 2023 full-year outlook, Sixt projects revenue of about €3.6 billion and EBT of €460 million to €500 million.
Sixt also recently opened five new North American off-airport locations and during the third quarter invested in the global chauffeured transportation booking company Blacklane.
