FT. LAUDERDALE, Fla. - Aug. 28, 2017 // PRNewswire // - Sixt Rent-a-Car, a leading international provider of high-quality mobility services operating in more than 100 countries worldwide, delivers its customers key strengths such as a high value-vehicle fleet, a consistent service orientation and innovation culture and a good price-performance ratio. Sixt utilizes state-of-the-art technology, meeting the needs of today's tech-savvy consumer. The company recently detailed its continued efforts to expand in the United States, announcing the opening of two upcoming locations in San Diego and San Antonio. The parent company - the Sixt SE of Pullach, Germany - has recently released consolidated earnings for the 2nd Quarter of 2017.
During the first half of 2017, the Sixt Group registered strong gains in earnings that outstripped it's internal projections. Consolidated earnings before taxes (EBT) improved by a quarter (+25.3%) to USD 112.2 million. Accordingly, the operating return on revenue (EBT to consolidated operating revenue) gained 1.4 percentage points, climbing to 9.6%. In the second quarter, it actually reached 11.5%. Sixt benefits from ongoing strong foreign operations in its Vehicle Rental business, above all in such key markets as Spain, France and the United States. As announced back on July 20th, the Management Board upgraded its outlook for the full fiscal year 2017.
Erich Sixt, CEO of Sixt SE has issued the following statement:
"With an operating return on revenue of nearly 10% during the first half of the year, Sixt has demonstrated yet again that we are presumably the most profitable international vehicle rental provider in the world. Outside of Germany, we are benefitting significantly from our growth initiatives, such as the successful launch of corporately-owned operations in Italy. Shifting tourism flows in the Mediterranean region, to countries such as France and Spain, have also been beneficial. All in all, our outlook for the current fiscal year has become substantially more optimistic."
From January to June of 2017, Sixt added roughly 121,400 vehicles to its rental and leasing fleet (H1 2016: approx. 115,900 vehicles) with a total value of USD 3.75 billion (H1 2016: USD 3.35 billion). This equals an increase of around 4.7% in the number of vehicles, and around 11.8% in the investment volume.
In light of strong business performance during the first six months, and the business development recorded so far in the third quarter, the Management Board announced July 20th that it would upgrade its outlook for the full year of 2017.
The Board now projects a significant increase in consolidated EBT (2016: USD 238.6 million). Sixt also expects solid growth of the consolidated operating revenue (2016: USD 2.32 billion). Prior to this, the Management Board had envisaged a stable to slightly higher Group EBT, as well as a slight increase in consolidated operating revenue.
Sixt SE's complete, mid-year financial report is available by going to the following link: http://ir.sixt.eu.
Exchange rate for currency translation purposes: 1 euro = 1.09318 US Dollar
For full spreadsheet please go to: [http://www.prnewswire.com/news-releases/sixt-group-significantly-increases-profitability-in-first-half-of-2017-300509201.html].
SOURCE Sixt Rent-a-Car