PULLACH (dpa-AFX) - Car rental company Sixt returned to profit in the second quarter, but has once again lowered its forecast for the year. The company announced in Pullach on Wednesday that it now expects a pre-tax profit of EUR 340 to 390 million in 2024. Previously, the Sixt Managing Board had planned 350 to 450 million. Analysts surveyed by the Bloomberg news agency had forecast EUR 382.5 million. Meanwhile, the results for the second quarter fell short of market expectations. Nevertheless, the share price rose.

With a recent gain of a good 1 percent, the SDax share was in line with the friendly overall market. This gave investors a breather from the share price losses of recent months. The share has already lost 40 percent in the current year.

In the three months to the end of June, Sixt increased its turnover by 8.9 percent to around one billion euros - a record figure according to the company. This was driven by demand in the USA, where Sixt is opening more and more stations. The fleet, which has grown to 187,000 vehicles worldwide, has been significantly better utilized, said CFO Franz Weinberger. Rental prices, which had come under pressure in some regions at the beginning of the year, had risen again.

A pre-tax profit of 62.9 million euros remained in the second quarter. This was just short of the target range of 60 to 90 million euros, although there was a significant decline compared to the almost 132 million euros achieved in the same period last year. Analysts had expected a better result.

Sixt is currently exchanging the vehicles purchased in times of vehicle shortages for vehicles that are now available at significantly lower prices. The proportion of cars for which Sixt itself bears the resale risk is being further reduced. However, headwinds are coming from the rise in interest rates. And the residual value losses "will continue to burden the vehicle stock that has not yet been replaced in the second half of the year," Sixt announced.

"2024 is a year of transition," said CFO Weinberger. In view of a further increase in the desire to travel and the positive start to the summer business, the Managing Board continues to expect a significant increase in annual revenue for the year as a whole.

The outlook is subject to a high degree of uncertainty, according to the Sixt press release. This applies in particular due to the recent further intensification of geopolitical and economic risks, the still uncertain development of residual values and the short booking periods for the important summer business./lew/rol/mne/mis