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Sixt:Quarterly Results/2024 Q3: Difference between revisions
Sixt:Quarterly Results/2024 Q3 (view source)
Revision as of 17:48, 1 November 2024
, 1 November 2024→Earnings call summary
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* 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. | * 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. | ||
===== Pricing ===== | ===== Pricing ===== | ||
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* Ferraro said they expect international pricing to be flat in Q4 compared Q4 2023. | * 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. | * Ferraro believes pricing will transition from Q3 to Q4 as it normally does. | ||
* Ferraro said he thinks that everyone in the industry is tightening their fleet by pacing out vehicles purchase at high prices. "Everyone bought cars that were highly higher priced in 2023 and 2024 and probably went in with more cars than they would like, largely due to the challenges of residual values towards the end of last year. We did -- we decided to get out of those cars and get out of them quickly. And that was right for our business. With the new cars coming in that are more advantageous than they had in the past, it makes sense for everyone to kind of get their hands around that and do that as well, " he said. | |||
===== Fleet costs ===== | ===== Fleet costs ===== | ||
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* Izzy Martins said they expect straight-line depreciation costs to be $350 million in Q4 up from $347 million in Q3 (+18.8%). | * Izzy Martins said they expect straight-line depreciation costs to be $350 million in Q4 up from $347 million in Q3 (+18.8%). | ||
Hurricanes | ===== Hurricanes and elections in U.S ===== | ||
* Ferraro said hurricanes lead to a shutdown of business for at least four days but what happens after the hurricanes is positive. "I will tell you this, after the hurricanes hit, for example, the State of Florida, those places got tight for various different reasons. And tight fleets in a place like Florida is always helpful. So while you lose initially, it's a matter of time and periods after that, that you tend to make up, whether it be through rentals in other segments or the tightness of fleet that usually occurs," he said. | * Ferraro said hurricanes lead to a shutdown of business for at least four days but what happens after the hurricanes is positive. "I will tell you this, after the hurricanes hit, for example, the State of Florida, those places got tight for various different reasons. And tight fleets in a place like Florida is always helpful. So while you lose initially, it's a matter of time and periods after that, that you tend to make up, whether it be through rentals in other segments or the tightness of fleet that usually occurs," he said. | ||
* Ferraro said while there are notable disruptions from elections and hurricanes, there are things such as timing of holidays that will offset some of the headwinds. | |||
== References == | == References == | ||