IAG (LON: IAG), the parent company of British Airways, Iberia, and Aer Lingus, saw its shares surge on Friday following the release of its third-quarter results, which topped expectations.
IAG shares are now up at 233p a piece, trading at their highest levels since June 2020.
The company reported a 15.4% increase in operating profit to €2.013 billion, driven by strong demand across all core markets. The robust performance was underpinned by a 7.9% rise in total revenue to €24.05 billion and a 1.4 percentage point increase in operating margin to 21.6%.
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Passenger unit revenue grew by 1.2%, demonstrating continued resilience in the travel industry, with the company noting “strong customer demand in our intra-European network.”
“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,” commented Luis Gallego, IAG Chief Executive Officer.
He added: “Demand remains strong across our airlines and we expect a good final quarter of 2024 financially.”
In addition to the impressive financial results, IAG announced a €350 million share buyback program. The move underscores the company’s confidence in its future growth prospects.
Looking ahead, IAG expects a continued strong financial performance for the remainder of the year. Its planned capacity growth for the fourth quarter is around 5%, and for the full year, it is now around 6%.
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