Sixt SE pulled in €78M in earnings before taxes (EBT) in the second quarter of 2021, the company reported on July 20, exceeding analysts’ estimates of 2021 EBT €61 million.

Consolidated operating revenue in the quarter of €498 million more than doubled year-on-year (€225.8 million) but was 20% lower than consolidated operating revenue in the second quarter of 2019 (€625.7 million).

Sixt credits the result to the positive business development and the increased price levels in the U.S. and Europe and “the noticeable recovery of business in Europe as a result of the reduction of pandemic-related restrictions.”

Sixt SE’s management board issued a forecast for financial year 2021 for the first time since the outbreak of the pandemic: The company expects EBT in the range of €190 million to €220 million and consolidated operating revenue of €1.95 billion to €2.10 billion for the full financial year. This compares to results of EBT €-81.5 million for 2020. The forecast is within analyst’s average range for EBT and slightly above projections for operating revenue.

Sixt issued this caveat with the forecast: “The forecast for the financial year 2021 was prepared on the basis of the current market environment and is based in particular on the assumptions that the further course of the COVID-19 pandemic will not again lead to more far-reaching restrictions on travel, that the price level in the United States and Europe will stay on current levels and that the supply shortages for vehicles as a result of the semiconductor crisis will not worsen.”