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Sixt:Quarterly Results/2023 Q2: Difference between revisions
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=== Hertz Global === | === Hertz Global === | ||
=== Summary of the earnings results === | |||
{| class="wikitable" | |||
|+ | |||
!Key Items | |||
!Actual | |||
!Estimate | |||
|- | |||
|Revenue<ref name=":2">https://www.reuters.com/business/autos-transportation/hertz-beats-profit-estimates-strong-rental-car-demand-2023-07-27/#:~:text=Total%20revenues%20rose%204%25%20to,of%20estimates%20of%20%242.45%20billion.&text=Our%20Standards%3A%20The%20Thomson%20Reuters%20Trust%20Principles.</ref> | |||
|$2.44 billion | |||
|$2.45 billion | |||
|- | |||
|Adjusted EPS<ref name=":2" /> | |||
|$0.72 | |||
|$0.64 | |||
|} | |||
* "Results for the second quarter were strong, reflecting continued high demand for our services and elevated levels of fleet utilization," Hertz CEO Stephen Scherr said in a statement. | |||
* "Our results were the product o'''f higher transaction days and a stable rate environment that remains well above pre-pandemic levels''', and we believe '''no longer reflects a momentary surge of travel, but a more stable baseline of demand growth being witnessed across the travel industry,'''" Scherr said in the earnings call<ref name=":3">https://seekingalpha.com/article/4620528-hertz-global-holdings-inc-htz-q2-2023-earnings-call-transcript</ref>. | |||
* An average of 82% of its fleet was rented out during the quarter versus versus 79% a year ago<ref>https://ir.hertz.com/news-releases/news-release-details/hertz-reports-second-quarter-2023-results-revenue-24-billion-net</ref>. | |||
* Hertz saw strong demand in U.S, Europe and Canada<ref name=":3" />. | |||
* '''Pricing was lower in Q2 2023 versus Q2 2022.''' Q2 2022 benefited from strong used car market, strong demand coming out of Omicron and limited OEM supply. Total RPD was down 7% y/y to $61.14 but $12 more than the pre-pandemic level. Hertz expects it to improve in Q3 and Q4<ref name=":3" />. | |||
* Hertz International Inbound Travel has added about 60% of where it was at pre-pandemic level<ref name=":3" />. | |||
* Third party data indicates that '''business travel is at around 60% of where it was pre-pandemic and is expected to return to about 95% in the next two years'''<ref name=":3" />'''.''' | |||
=== Insights for Sixt === | |||
* Demand was strong. | |||
* Pricing was weaker due to softening used car market and strong comparissons. Pricing outlook is positive. | |||
* Outlook is positive. | |||
== References == | == References == | ||