For the first quarter of 2021, Sixt SE achieved consolidated revenue of $400 million, 32.5% less than 2020 first quarter revenue of $593 million. Sixt posted -$16.6 million in earnings before taxes for the quarter.

First quarter performance was driven largely by the ongoing pandemic conditions in Europe, though business improved sequentially despite the current strict restrictions on international travel and ongoing restrictions in Europe due to the COVID-19 pandemic.

March’s revenue matched March 2020 (mostly pre-pandemic), while earnings were positive in the month. This was primarily due to an upturn in demand in the U.S., where Sixt achieved positive corporate EBITDA overall in the first quarter of 2021 on 22% lower revenue than in 2020.

Utilization remained stable in all segments, not only in the U.S., but also in non-airport locations, long-term rental, and car subscription segments. Fleet costs and other expenses fell by about 32% compared to last year’s first quarter.

Sixt added around 37,700 vehicles in the quarter, compared to around 55,900 vehicles in the same quarter last year. The average fleet size in the first three months was 93,200 vehicles, down 28.8% from 130,900 in the first quarter of last year.

“The positive development in the first quarter, which continued in the month of April, gives us hope for the important second and third quarters,” said Erich Sixt, CEO of Sixt SE, in a statement. “The easing that has now also been announced in many European countries should have a positive impact on how demand develops. Despite the encouraging signals, we must remain cautious and monitor the further course of the pandemic closely. It is definitely too early to sound the all-clear.”

In light of the ongoing uncertainty regarding the pandemic, Sixt refrained from issuing a forecast for the full year.