IAG reports strong third quarter 2024 results

IAG, International Consolidated Airlines Group, reported strong third quarter earnings that beat street expectations today.  The group also announced that it would buy back €350 million of its own shares beginning next week.  Robust travel demand and strong cash generation have enabled the company to bring down debt.

The group posted an operating profit of €2.015 billion in the quarter, up 15.4% year-over-year on €9.32 billion in revenues.  CEO Luis Gallego

explained that this is due to the effectiveness of our strategy and group-wide transformation.  He added “demand remains strong across our airlines and we expect a good final quarter of 2024 financially.”  Total revenue increased 7.9% YoY, operating profit 15.4%, operating margin increased by 1.4 percentage points to 21.6%, and passenger revenue increased 1.6%. Full financial results can be found here.