Germany-based car rental company Sixt on Wednesday reported record second-quarter revenue of more than $1 billion, up 8.9 percent year over year. The revenue growth was driven by high demand and “further investments in a premium customer experience,” according to the company.
North America had the highest second-quarter growth rate of all regions, according to Sixt, with revenue up 26.8 percent year over year to more than €319 million. The European segment outside Germany reported the highest amount of revenue for the quarter at nearly €401 million, but that was up just 1 percent compared with Q2 2023. Germany revenue was up 4.3 percent year over year to nearly €286 million.
In the United States, Sixt has opened 15 new branches since the beginning of the year, and expanded its presence to 49 airports, just shy of its goal for 50 airport markets by the end of 2024, according to the company.
Sixt in the second quarter reversed its first-quarter loss and reported earnings before taxes of €62.9 million for the quarter ending June 30. Still, EBT was down for the quarter from the nearly €132 million reported a year prior.
Sixt’s average second-quarter fleet size was about 187,200 vehicles, up from 166,300 a year prior.
The company now projects full-year EBT of €340 million to €390 million, down from previous guidance of €350 million to €450 million. The reasons for the adjustment include a high level of uncertainty regarding residual value trends, particularly in the United States; the recent increase in geopolitical and macroeconomic risks; and uncertainty around short-term bookings for the summer season, according to the company.
