IAG Q3 revenues beat consensus, company announces 350m euro share buyback

8th Nov 2024 07:31

(Sharecast News) - IAG beat analysts' forecasts for topline growth in the third quarter and delivered strong guidance.

Total revenues for the three months to September rose by 7.9% to reach approximately €9.33bn (consensus: €9.1bn), for a 15.4% jump in operating profit to €2.01bn.

Company management described the carrier's financial performance during the quarter as "very strong", highlighting its "significant" free cash flow generation and guiding towards a "strong" performance for the remainder of the year.

"We achieved a very strong financial performance in Q3 2024, with a 15.4% increase in operating profit compared to the same period

last year and improving our margin to 21.6%. This is due to the effectiveness of our strategy and Group-wide transformation," IAG boss, Luis Gallego, said.

"Demand remains strong across our airlines and we expect a good final quarter of 2024 financially."

The carrier also announced a €350m share buyback programme.

-- More to follow --