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Sixt: Q1 U.S. Revenue Growth Doubles

International growth, particularly in the United States, has spurred ground transportation provider Sixt’s “best first-quarter operating results,” the company said Thursday.

U.S. sales for the first quarter more than doubled from 82.3 million euros to 186.1 million euros (US$193.7 million) compared to the same period last year and a 67.5% increase compared to the first quarter of 2019. The company is currently in 28 of the “Top 30 Airports” in the following countries: The recent openings of Charlotte and Baltimore airports, according to Sixt.

The company has grown in European countries outside Germany, with sales of €213.4 million, an increase of 93% year-on-year, and a 22.2% increase over 2019. Sales in Germany also increased by 32.3% year-on-year to €181.2 million, but decreased by 17.6% year-on-year. The figure for 2019 is 220 million euros.

The company’s overall first-quarter sales were €580.8 million, an increase of 76.1% compared to the same period of the previous year and 14.8% compared to three years ago. Consolidated profit before tax increased to €93.5 million compared to a loss of €13.7 million a year earlier.

Excluding franchise countries, Sixt’s global fleet was approximately 125,000 units in the first quarter, roughly the same level as in 2019 (129,000 units) and an increase of 35% compared to the first quarter of 2021 (93,000 units).

According to the company, Sixt entered Canada after a “successful establishment” of its US business. Sixt CFO Kai Andrejewski said in a statement, “The Canadian market is very important to us, especially because we can see synergies with our US business and benefit from our experience in Canada right from the start.”

While Sixt expects demand to remain strong in all markets during Q2 and Q3, prices will remain high as “new car supply will be short over the next several months,” according to the company.

Relevant: 6th quarter results

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