Admin l Saturday, March 04, 2023
FRANKFURT – Net income soared for German airline Lufthansa in the fourth quarter to €307 million ($325 million), up from the previous year’s loss of €314 million, the company reported Friday.
Earnings per share were €0.26, compared to loss of €0.45 a year ago. Adjusted earnings before interest and taxes (EBIT) was €575 million, compared to last year’s loss of €42 million.
Lufthansa revenue for the quarter climbed 52% to €8.88 billion from last year’s €5.83 billion due to the strong increase in demand for air travel.
Looking ahead for the first quarter, adjusted EBIT is expected to be negative.
In line with regular seasonality, earnings are expected to be particularly strong in the quarters two and three.
For financial year 2023, Lufthansa Group expects a further significant improvement in Adjusted EBIT as demand for air travel remains high.
The company also sees further progress towards achieving the targets set for 2024, such as adjusted EBIT margin of at least 8% and Adjusted ROCE of at least 10%.