Lufthansa reports revenue in line with expectations in the second quarter. Operating profit decreased. At the beginning of the month, Lufthansa lowered its full-year forecast for the second time this year.

Turnover rose by 6.6 percent to 10,007 million euros (9,389). The outcome can be compared with the company's analyst consensus, which was 10,053.

Operating profit was €659 million (1,081). The operating margin was 6.6 percent (11.5). 

Adjusted operating profit amounted to €686 million (€1,085 million), with expectations of €699 million, and an adjusted operating margin of 6.9% (11.6%). The figure is in line with the preliminary figures previously released.

The profit after tax was 469 million euros (881). 

Earnings per share amounted to EUR 0.39 (0.74).

”However, market-wide capacity growth intensified price pressure for Passenger Airlines, leading to a decline in yields. Furthermore, strikes in the first quarter of 2024 and inflation-related cost increases negatively impacted the results for Passenger Airlines, and Lufthansa Airlines in particular. As part of the programme to secure efficiency and results, Lufthansa Airlines announced measures in response to the challenging market environment and rising costs,” says CEO Carsten Spohr.

In early July, Lufthansa lowered its forecast for 2024, a forecast that is now being repeated. The airline expects an adjusted operating profit of €1.4-€1.8 billion.

”These prospects are largely dependent on the earnings development of Lufthansa Airlines and the traditionally important fourth quarter for Lufthansa Cargo,” the company writes.

Source: FinWire-DI.SE