From Investing.com: 2024-05-10 04:58:50

International Consolidated Airlines Group (IAG) saw a rise in shares thanks to better-than-expected first-quarter income, driven by increased passenger demand. Growth was strong in Latin America and the Caribbean, with Easter weekend timing boosting unit revenue in Europe. Operating profit in Q1 jumped to 68 million euros, exceeding analyst forecasts.

Despite challenges in certain regions like the Middle East, IAG remains optimistic about summer bookings. Over 80% of anticipated bookings for the current quarter and more than 40% for the third quarter are already secured. CEO Luis Gallego notes the ongoing high demand for travel, emphasizing the company’s strong position.

Stifel analysts expressed concerns about potential cost increases to meet travel demand but overall viewed IAG’s performance positively. They predicted stable pre-tax earnings and margin decline in 2024. The firm’s profitability focus and strong transatlantic routes position were highlighted as key strengths.



Read more at Investing.com: IAG shares rise after Iberia-owner’s first-quarter profit beats estimates By Investing.com