MW British Airways owner announces stock buyback as profit grows 17%
By Steve Goldstein
British Airways owner International Airlines Group on Friday announced a stock buyback after reporting rising profits and margins.
The company said its profit rose 17% to EUR1.43 billion ($1.54 billion), as revenue rose 8% to EUR9.33 billion.
Analysts expected earnings of EUR1.34 billion on revenue of EUR9.25 billion, according to FactSet.
The profit growth came almost exclusively from British Airways, which offset a pilot strike and competitive pressure from U.S. rivals that hit Aer Lingus profits.
"This robust performance was driven by good unit revenue and capacity growth, especially in the North America and European markets, and a reduction in nonfuel unit costs," CFO Nicholas Cadbury said on a conference call about British Airways.
The company announced a share-buyback program of EUR350 million and said it expected "strong financial performance" to continue for the rest of the year.
London-listed shares (UK:IAG) (ES:IAG) rose 6%, as the company's stock has gained 50% this year.
-Steve Goldstein
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(END) Dow Jones Newswires
November 08, 2024 07:55 ET (12:55 GMT)
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