Earnings, U.S. inflation in focus
Written by Black Hot Fire Network on February 13, 2024
16 Mins Ago
Tui smashes earnings estimates on robust travel demand
A Boeing 787 ‘Dreamliner’ plane with the logo of tourism giant TUI at Hanover airport in Langenhagen, central Germany.
JULIAN STRATENSCHULTE | AFP | Getty Images
German travel giant TUI on Tuesday posted a quarterly operating profit of 6 million euros ($6.46 million) on the back of upbeat travel demand.
The swing to profit vastly outstripped an analyst consensus forecast for a 102 million euro loss, according to LSEG data. For the same quarter last year, Europe’s largest travel operator posted a 153 million euro net loss.
The group’s fiscal first-quarter revenue came in at a record 4.3 billion euros, up by 15% from the previous year, driven by higher demand at increased prices and rates.
“We are on track, we are gaining customers and we are growing. We are accelerating our transformation quarter by quarter. We have goals that we are consistently implementing,” TUI CEO Sebastian Ebel said in a statement.
“In a persistently challenging environment, people’s high willingness to travel ensures strong economic development in all areas of the Group.”
Tui expects to record growth in operating profit of at least 25% across the 2024 financial year and is targeting a compound annual growth rate of 7-10% over the medium term.
– Elliot Smith
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Here are the opening calls
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