IAG surprises the market (and itself) with positive Q1 results
IAG beat their own guidance for first quarter 2023 operating profits by more than €200m. Whilst the shares edged higher in response, market reaction was muted as management seems strangely reluctant to talk positively about the outlook for the full year.
IAG full year results
IAG reported its first full year profit for three years last week, with operating profits of €1.2 billion and a pre-tax profit of €415m. How did the results compare to European peers? Which airlines within the group did best? And what other interesting nuggets of information were buried in the small print?
Heathrow: the hedge fund with an airport attached
Heathrow's results for the 9 months ending September 2022 showed a profit before tax of £643m. But the management preferred to focus on the "adjusted" loss before tax of £442m. So is the airport making lots of money, or is it heavily loss-making? I took a look.
Normalising Q2 results for fuel and emissions hedging
Fuel hedging policies had a dramatic impact on Q2 airline results in Europe. Which airlines delivered the best results? And how much of that was down to hedging policies?
An inflection point for the European network carriers
The European network airline groups are starting to recover after almost two years of catastrophic losses. What do their latest results tell us about how well they've weathered the crisis and their prospects going forward?
Another set of Virgin Atlantic accounts
Only four months after the publication of their 2019 accounts, Virgin Atlantic have filed their 2020 figures. What do they show and how do they compare to those at arch-rival British Airways?
Digging around in Ryanair’s Q3 results
This week Ryanair reported record pre-tax losses of €345m for the December 2020 quarter. Guidance for the March 2021 quarter suggests that will be even worse. Figures buried deep within the balance sheet also revealed some very interesting insights about their recent financial dealings with Boeing.
Waiting for a vaccine: the big three European network airlines in Q3
All three of the big network airline groups in Europe made big losses in the third quarter. That is going to continue until we see a recovery in demand. We got some good news on that today, but which company coped best in Q3 and how are they doing getting themselves in shape for the future?
Assessing September quarter results from Wizz
Wizz reported its first half results this morning. I took a look at how they stack up against those of their arch rival, Ryanair.
Ryanair posts a profit for the September quarter
Excluding exceptional hedging costs, Ryanair became the first European airline to post a quarterly profit since the pandemic began. Impressive cost performance lay behind this achievement, putting other airlines on notice that they need to up their game.
Air France - KLM beats IAG and Lufthansa in Q3
Air France - KLM and IAG both reported their Q3 results today. How did they compare?
Heathrow’s Q3 results. Is it crying wolf to the CAA?
Heathrow airport has been pushing its regulator to allow it to offload its pandemic losses onto its customers, citing dire consequences if its request is not urgently addressed. What did the Q3 results published yesterday tell us about whether the airport's owners are crying wolf?
The end of the beginning?
More than six months into the crisis, the Q3 results for the big US airlines provide some perspective on how the industry is coping with the pandemic and the scale of the value destruction that has already taken place.
Lufthansa versus IAG, who did better in Q3?
IAG and Lufthansa have just shared the headlines of their upcoming Q3 results. What do they tell us about which is handling the crisis better?
easyJet posts first ever annual loss
easyJet released a trading update this week in which it provided guidance on the scale of what will be its first ever annual loss. The company said it lost over £800m pre-tax excluding one-offs, or £1.3 billion including them. The first of the European airlines to provide figures for trading for the July to September quarter, the picture they paint is not a happy one.
Heathrow pushed into big losses in Q2
Heathrow airport announced big losses in the second quarter, taking losses so far this year to over £1 billion. I looked behind the headline figures to see what the results tell us about what has being going on at the UK’s biggest airport in the middle of the worst aviation downturn in history.
Bleeding out
There was much red ink on display in the big three US network carriers Q2 results. Who did the best job maximising revenue, minimising costs and stemming the cash burn?
Delta records $7 billion pre tax loss for June quarter
Yesterday, Delta became the first of the big airlines to reveal the scale of the financial impact of the COVID-19 crisis when it reported its results for the quarter ending June 2020.