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Sixt:Quarterly Results/2024 Q3: Difference between revisions
Sixt:Quarterly Results/2024 Q3 (view source)
Revision as of 15:56, 1 November 2024
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==== Earnings call summary ==== | ==== Earnings call summary ==== | ||
===== Demand ===== | |||
* CEO Joe Ferraro said demand for the car rental remains robust. "The demand in the Americas surrounding the holiday season looks particularly strong for the Thanksgiving and Christmas holiday periods based on current reservations," he said. "We continue to see robust international inbound and intra-European cross-border travel," he added. | |||
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===== Pricing ===== | |||
* Ferraro said they continue to rationalize fleet instead of lowering price. "We believe it makes more sense to rationalize the fleet than to take a lower price incremental rental. Price was down 2% for the quarter overall, with the Americas nearly flat and the two-point improvement from this year's second quarter. We will continue to execute this strategy as necessary to prioritize higher margin business," he said. | |||
* Pricing in Americas improved sequentially from Q2 to Q3 by two points compared to the same period in 2023. | |||
* International pricing improved sequentially on a year-over-year basis, with September showing the biggest improvement during the quarter. | |||
* Ferraro said they expect international pricing to be flat in Q4 compared Q4 2023. | |||
* Ferraro believes pricing will transition from Q3 to Q4 as it normally does. | |||
===== Fleet costs ===== | |||
* Ferraro said they expect the purchase price of fleets to reduce compared to the pandemic years since OEM supply constraints and production schedules have normalized. "Based on our model year 2025 fleet buy, we are well positioned to have lower holding costs as we rotate in the new fleet," he said. | |||
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== References == | == References == | ||