Calling it the “strongest quarter in its history,” car rental company Sixt on Wednesday reported third-quarter revenue nearly 25 percent higher than last year and well above pre-pandemic levels, spurred by a “persistently positive market environment in terms of demand and prices.”
Sixt’s overall third-quarter revenue increased 24.8 percent year over year to €997.1 million (US$970.3 million). Corporate earnings before interest, taxes, depreciation and amortization increased 14.3 percent to €329.1 million
Third-quarter revenue from North America increased 57.4 percent year over year to €276.3 million. The United States now is Sixt’s largest individual market, according to the company, with 1,200 employees and operations at “37 of the 50 largest” U.S. airports.
Sixt CFO Kai Andrejewski in a statement said that the company was “very satisfied with our economic development” but cautioned darker economic times could be on the horizon.
“Although we are heading for a record year in 2022, we are also monitoring the economic trend very closely and are not immune to respective risks beginning at the end of the year,” according to Andrejewski. “Nevertheless, we have a high degree of resilience and the capacity to invest counter-cyclical in our brand, the expansion of our network and our technology.”
The company cited Russia’s war with Ukraine, inflation and high energy prices as potential headwinds that could trigger want it called “a possible slowdown in spending and travel.”
“The possibility of the business cooling down is both real and difficult to project in terms of its extent,” according to the company.
Sixt also reported its nine-month results for the January-September period. Revenue during that period increased 42.4 percent to €2.32 billion, with corporate EBITDA up 51.6 percent to €628.9 million.
[email protected] (Chris Davis)
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