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Sixt AG Lifts FY22 Outlook On Strong Demand; Stock Climbs

Shares of Sixt SE, or Sixt car hire (SIXGF.PK) were gaining around 4 percent in German trading after the car rental company on Wednesday raised its fiscal 2022 forecast significantly.

The company now expects consolidated revenue for financial year 2022 to be between 2.8 billion euros and 3.1 billion euros, compared to previous estimate of significantly above 2.28 billion euros.

Further, earnings before taxes or EBT for Sixt Group is now expected in the range of 500 million euros to 550 million euros, while most recent expectation was at the upper end of the forecast range of 380 million euros to 480 million euros.

The company noted that the current average analyst estimate for the consolidated revenue is 2.87 billion euros, and thus within the raised forecast. The projected EBT range is above the average current analyst estimate of 489 million euros.

Sixt attributed the positive development to business development in the month of August as well as the emerging development for September, both of which are significantly above previous expectations.

The outlook reflects significantly higher than expected strong demand in Europe and the US, the very positive market price level, which is above the historically high levels of the previous year.

Sixt SE plans to publish its third quarter results on November 9.

In Germany, Sixt shares were trading at 103 euros, up 3.94 percent.

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