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Pin to quick pickseasyJet Share News (EZJ)

Share Price Information for easyJet (EZJ)

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Share Price: 536.20
Bid: 535.40
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Change: -2.40 (-0.45%)
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Open: 538.00
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RPT-UPDATE 2-Norwegian Air sees faster 2017 capacity growth after record Q3 earnings

Thu, 20th Oct 2016 09:15

(Repeats to add link to story on European airlines)

* Q3 is best quarterly result ever

* Shares jump more than 5 pct

* Sees 30 pct 2017 capacity growth, up from 18 pct in 2016

* No impact on bookings from Brexit vote

By Joachim Dagenborg

OSLO, Oct 20 (Reuters) - Budget airline Norwegian AirShuttle said its capacity growth will speed up in 2017as it rapidly expands low-cost flights to the United States andother long-haul destinations.

Europe's third-largest low-cost carrier by revenue afterRyanair and easyJet reported recordthird-quarter earnings, beating market expectations with a 20percent rise in net profit.

The airline said its capacity growth, measured by availableseat kilometres (ASK), would be 30 percent next year, up from 18percent in 2016. ASK measures an airline's passenger-carryingcapacity.

Norwegian will have 32 new aircraft, including ninefuel-efficient Dreamliners, from Boeing Co enteringoperation next year, bringing its total fleet to 144 byend-2017.

"The overall development is good in all markets, and thebiggest growth is in Spain, particularly on domestic routes. Theroutes between London and Paris and the U.S. are in highdemand," Chief Executive Bjoern Kjos said in a statement.

Norwegian has launched flights to the Middle East, southeastAsia and the United States, as well as expanding routes in itscore European market, taking its low-cost offer into thelong-haul market. It has even offered an eye-catching promise of$69 fares to cross the Atlantic.

Unlike many of its European peers, Norwegian has been spareda negative impact from Britain's vote in June to leave theEuropean Union.

"We are monitoring the post-Brexit situation in the UK anddon't see any effects in bookings so far," Chief FinancialOfficer Frode Foss told a news conference.

Germany's Lufthansa lifted its 2016 profit targetlate on Wednesday, after business bookings proved stronger thanexpected in September, sending the share up by some 7.7 percentby 0750 GMT.

Earlier this week Ryanair cut its annual profit forecasthowever due to a weaker pound. EasyJet, which depends on Britainfor around half of sales, has already cut its profit forecast bya quarter for the year following the Brexit vote.

Competition remains fierce and Ryanair said it expected toboost its market share in the coming months by selling moretickets at cheaper prices.

Shares in Norwegian jumped more than 5 percent on Thursdaybut are still down around eight percent so far this year,outperforming Ryanair and easyJet, which are down 16 and 46percent respectively.

"The report was clearly above expectations, booking remainsgood and cost performance solid," SEB analyst Kenneth Sivertsensaid in a note to clients, adding that 2017 earnings estimatescould rise by 5-10 percent. SEB has a "buy" rating on the stock.

Norwegian's third-quarter net profit was its best quarterlyresult ever, and came in at 992 million Norwegian crowns($121.83 million), 19 percent above last year, beatingexpectations for 943 million crowns in a Reuters poll.

Its unit cost (CASK) is still seen at 0.38 crowns this year,while unit costs next year were targeted at 0.38-0.39 crowns.

(Reporting by Joachim Dagenborg and Stine Jacobsen, writing byStine Jacobsen, editing by Terje Solsvik and Adrian Croft)

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UK shareholder meetings calendar - next 7 days

Friday 2 February 
Tectonic Gold PLCAGM
Monday 5 February 
no events scheduled 
Tuesday 6 February 
Blackrock Frontiers Investment Trust PLCAGM
Qinetiq Group PLCGM re share buyback authorisation
Ten Lifestyle Group PLCAGM
Wednesday 7 February 
Asos PLCAGM
eEnergy Group PLCGM re disposal of Energy Management division
Future PLCAGM
Mosman Oil & Gas LtdEGM re director participation in placing
Premier Miton Group PLCAGM
Thursday 8 February 
Benchmark Holdings PLCAGM
Compass Group PLCAGM
easyJet PLCAGM
Hargreave Hale AIM VCT PLCAGM
Polar Capital Global Healthcare Trust PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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*

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