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. This came despite a challenging summer environment for the carriers, with air traffic control restrictions, adverse weather, and engine supply delays. The carrier is working to improve its performance for 2025 as it tries to anticipate and mitigate externalities. Strong revenue generation on trans-Atlantic routes, which account for 31.7% of capacity, was particularly strong contributing to the group’s performance. The company fared better than the other two major European groups in 2024, Air France-KLM and Lufthansa, which suffered from a tourism decline during the Paris Olympics for the former and a competitive disadvantage not being able to fly via Russian airspace for Asian flights with the latter. The Bottom Line IAG had better performance than either of its two major European group competitors as well as better performance than competing low cost carriers Ryanair and Wizz Air in the third quarter. The company is well positioned to continue that strong performance in the remainder of 2024 and into 2025. IAG’s strategy since 2023 has been to focus on controlling costs, generate higher ticket prices, and focus on its key North Atlantic, South Atlantic, and intra-European markets for the near term, with Asia not being a high priority, according to Gallego. The company’s strategy is working well, and better than its competition, in 2024.

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