Sixt: Q1 U.S. Revenue Growth Doubles

International growth, particularly in the United States, spurred ground transportation provider Sixt’s “best operating result in a first quarter,” the company announced Thursday.

First-quarter US revenue more than doubled year over year to €186.1 million (US$193.7 million) from €82.3 million and was up 67.5 percent compared with Q1 2019. The company now is present at 28 of the country’s “top 30 airports” following the recent openings at Charlotte and Baltimore airports, according to Sixt.

The company grew in European countries outside of Germany, with revenue up 93 percent year over year to €213.4 million and up 22.2 percent versus 2019. In Germany, revenue also grew by 32.3 percent year over year to €181.2 million but declined 17.6 percent from the 2019 figure of €220 million.

The company’s overall first-quarter revenue of €580.8 million was up 76.1 percent year over year and up 14.8 percent compared with three years ago. Consolidated earnings before taxes increased to €93.5 million compared with a loss one year ago of €13.7 million.

Sixt’s global fleet excluding franchise countries numbered approximately 125,000 vehicles in the first quarter, nearly the same level as in 2019 (129,000 vehicles) and up 35 percent compared with Q1 2021 (93,000 vehicles).

After the “successful establishment” of its US operations, Sixt has entered Canada, according to the company. “The Canadian market is very important to us, not least because we see synergies with the US business and can leverage the experience we have gained there in Canada right from the start,” Sixt CFO Kai Andrejewski said in a statement.

Sixt anticipates demand to remain strong in all markets for the second and third quarters, however, the supply of new vehicles is likely to remain scarce in the months ahead, “therefore prices are likely to remain high,” according to the company.

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