TUI SWINGS TO SURPRISE FIRST-QUARTER PROFIT – Higher prices and bookings helped lift TUI’s earnings
Europe’s largest travel operator TUI reported far better-than-expected first quarter results as it swung to a profit on the back of robust travel demand, sending its shares 7.4% higher in early trading in Frankfurt.
The company reported an operating profit of 6 million euros versus a loss of 153 million in the year-earlier period and an LSEG forecast for a loss of 102 million euros.
Europe’s airlines are entering 2024 with robust outlooks as travel demand is expected to surpass pre-pandemic levels despite economic uncertainty, delays in plane deliveries from manufacturers and rising jet fuel prices.
Higher prices and bookings helped lift TUI’s earnings in the first quarter, with the company serving 3.5 million travellers, compared with 3.3 million travellers in the year-earlier quarter.
