Q3 2024 International Consolidated Airlines Group SA Earnings Call Transcript
Key Points
- International Consolidated Airlines Group SA (BABWF) reported a 7.9% increase in revenue and a 15.4% rise in operating profit, reaching over EUR 2 billion.
- The company announced a share buyback of EUR 350 million, reflecting confidence in its strategy and commitment to shareholder returns.
- British Airways showed significant improvement with an operating profit increase of 251 million pounds and a margin increase to 20.7%.
- Iberia achieved an operating profit of EUR 454 million with a margin of 21.5%, driven by strong performance in European and Latin American markets.
- The group's balance sheet strengthened, with a reduction in net debt by EUR 3 billion and an improved Net Debt to EBITDA leverage ratio of one times.
- Aer Lingus faced challenges with industrial action and competitive pressure, resulting in a EUR 57 million decline in operating profit.
- ASKs increased by 5.7%, which was below the initial guidance of 7% due to higher-than-anticipated disruption.
- Nonfuel costs rose by 2.2%, impacted by previous wage settlements and supplier cost inflation.
- The Asia Pacific market remains weak, with soft demand in China and cost advantages for local Chinese carriers.
- The delivery of new aircraft is delayed, with the triple seven X program now expected to deliver the first aircraft by 2027, a delay of around five years.
Good day. And thank you for standing by.
Welcome to the Q3 2024 International Airlines Group Earnings conference call.
At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session to ask a question during the session. You will need to press star 11 on your telephone.
You will then hear an automated message advising your hands raised to withdraw your question. Please press star 11 again. Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Luis Gallego the CEO. Please go ahead.
Good morning, everyone and welcome to the IAG third quarter results. Today I have with me, Nicholas Cadbury, our CFO as well as members of the IAG management committee.
First of all, I would like to attend my deepest sympathies to the families affected by the impact of the catastrophic rainfall and flooding in
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