Sixt Vz: Record revenue in the summer - Q3 reaches 1.24 billion euros!
Post-lockdown recovery continues unabated
Car rental company Sixt Vz has reported strong revenue growth for its Q3 2022 period in a recent press release. The company has been experiencing impressive growth since the lifting of the COVID-19 travel lockdown measures and this quarter’s findings add another positive takeaway from that growth.
According to the release, Sixt Vz achieved a revenue increase of 87.8% to 1.24 billion euros ($1.3 billion) in Q3 2022. This increase represents a considerable financial gain of 637.3 million euros compared to the same period last year. The high demand during the summer period, a peak travel season, greatly contributed to the company’s successful quarter. Sixt shares climbed 4.4% in early trading on the news of the company’s strong quarterly performance.
The expansion of Sixt Vz’s international markets has been identified as another key driver of their recent revenue increase. The company saw remarkable market growth in Spain and Portugal, with the United States market alone contributing an additional 71.7 million euros in revenue during the period.
Significant growth in the core business
Increased mobility in Europe has contributed to Sixt Vz’s impressive revenue results. The company’s rental business segment experienced revenue growth of 86% to 886.2 million euros in Q3 2022. This growth was mostly driven by higher utilization rates and higher average rental prices. The company also benefited from the strong demand for premium and luxury vehicles during the quarter.
The leasing business segment also remained resilient, generating revenue of 348.2 million euros in Q3 2022. However, this represented a slight decrease of 1.4% compared to the same period last year. The decline can be attributed to the company's decision to sell some of its older vehicles in order to maintain fleet quality and upgrade to more fuel-efficient and eco-friendly models.
Outlook for the future
In its press release, Sixt Vz expressed optimism about the future, citing the continued recovery of the travel and tourism industry. The company expects the strong demand for rental cars to continue in the coming months, particularly in the United States and other key international markets. As a result, Sixt Vz anticipates further revenue growth in the fourth quarter of 2022 and beyond.
The company is also focused on expanding its presence in the growing market for electric vehicles. Sixt Vz plans to invest heavily in electric vehicles and charging infrastructure in order to meet the increasing demand for sustainable transportation options.
Conclusion
Sixt Vz's strong Q3 2022 results highlight the company's ability to capitalize on the post-lockdown recovery in the travel industry. With its focus on international expansion, fleet renewal, and sustainability, Sixt Vz is well-positioned for continued growth in the future.
