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Easyjet profits soar past expectations as it looks to expand aircraft fleet
Easyjet is preparing to expand its aircraft fleet to deliver future growth as it posted a surge in profits that beat expectations.
The airline said it currently has 163 aircraft on order for delivery though to 2028, but was now “running a process to secure additional firm order positions for our longer-term fleet plan.”
Pretax profits hit £203 million in the three months to the end of June, turning around a loss of £114 million in the previous year and coming in well ahead of City expectations of around £160 million.
Revenue swelled 34% to £2.36 billion, while full-year profits were on course to hit a fresh record.
LONDON/CHICAGO, July 20 (Reuters) - North American tourists thronging the streets of Europe's top destinations are set to fuel healthy earnings for airlines this quarter and onwards as they enjoy travelling after long pandemic lockdowns, analysts and aviation executives said.
With Air France-KLM, Lufthansa, British Airways-owner IAG and others due to report in the coming weeks, analysts are watching to see how much - and for how long - European carriers will benefit from this U.S. demand.
A renewed desire to travel has already sent bookings at U.S. carriers soaring, despite rising living costs. Delta Air Lines posted the highest quarterly earnings in its history in the June quarter, helped by a 65% jump in revenue from transatlantic flights.
Travel website Kayak said searches for travel to Europe are up 55% from a year ago. While demand tends to slow down after the summer, U.S. airline executives say bookings are extending into the autumn season.
Analysts see a boost for European carriers as well.
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"The greatest upside should be at IAG. As with other network carriers, it benefits from high demand on the North Atlantic (routes)," said Alex Irving, an analyst at Bernstein. "However, the supply picture is also the most improved."
Not sure the fact its very busy now is hoing to do a lot with the share price. It tends to be the outlook that generates upwards movement . Other than a lot better than expected results i think were going to struggle. Just my thoughts
Cheers for youre insight and thoughts o the current climate.
Its difficult times for the UK and a recession imminent imo.
I too hold in Ezj.
If wax comforting to find a reasonable bounce after yesterdays drop.
I will be sticking with both shares for now but i think we're a year away from a £2 plus share anx even then it depends a lot on the economic climate.
Have a great weekend and hopefullg we will see a decent rise on Monday
D9
what planet are you on.
Weve just sern greaf results from Jet2 dampened by the forecast fof future sales.
Theres eurozone strikes looming and tge sectors positive!
I certainly hope youre right as i took a huge huge hit yesterday
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. ("IAG")
IAG converts 10 A320neo family options into firm orders
International Airlines Group (IAG) is converting 10 A320neo family options, described in the circular published by the Company on 22 September 2022, into firm orders for 10 A320neos, with the option to convert certain aircraft into A321neos.
These aircraft will be delivered in 2028 and will be used by any of the Group's current airlines to replace A320ceo family aircraft.
Luis Gallego, IAG Chief Executive Officer, said: "These latest generation aircraft are more cost and fuel efficient than those they will replace and will help towards our commitment to achieve net zero carbon emissions by 2050."