Sixt tops analysts estimate for revenue but missed EBT estimate, management now guiding the lower end of its previous 2024 EBT estimate
- Sixt Q3 2024 revenue rose 10% y/y to €1,242.3 million, topping analysts estimate of €1,226 million, EBT of €246.4 million was below analysts estimate of €254.9 while EPS €3.83 was slightly lower than analysts estimate of €3.86.
- Sixt depreciation of rental vehicles in North America fell significantly. Depreciation of rental vehicles as a percentage of revenue in the region fell to 17.2% in Q3 from 30.5% in Q2.
- However, management now expects full year guidance to come in at the lower end of its previous guidance of €340 to €390 million (analysts estimate: €355 million) due to continued expectations of a substantial impact on EBT by declining residual values.
- Due to favorable purchasing conditions, Sixt increased the percentage of non-risk vehicles in Europe to 98% from 87% in Q2.
- Sixt preference shares fell 7.5% following the report.