Airline giant Lufthansa reports sales in line with expectations in the second quarter. At the same time, operating profit increased more than expected.
Sales rose 17.4 percent to EUR 9,389 million (8,000). The result can be compared with the company's analyst consensus of 9,404.
Operating profit was EUR 1,081 million (341). The operating margin was 11.5 percent (4.3).
Adjusted operating profit amounted to EUR 1,085 million (393), expected to be EUR 1,040, with an adjusted operating margin of 11.6 percent (4.9).
Profit after tax was EUR 881 million (259), analyst consensus 713.
Earnings per share were EUR 0.74 (0.22).
”The Lufthansa Group developed very positively in the first half of 2023. Demand for air travel remains high, with no slowdown currently in sight despite the challenging macroeconomic environment. Our passenger airlines continued to expand their capacity accordingly, reaching around 90 percent of pre-crisis levels in the summer months,” says the company’s CEO Carsten Spohr.
In 2023, Lufthansa expects an adjusted operating profit of at least EUR 2.6 billion, mainly due to the expected positive development in Passenger Airlines and a further positive development in the MRO segment (maintenance contracts).
Overall, air traffic in 2023 is expected to reach 85 percent of what it was before the 2019 pandemic.
Source: FinWire-DI.SE
