International Consolidated Airlines Group SA said Friday it swung to a net profit in 2022, beating consensus as markets recovered on pandemic restrictions being lifted, and that it expects a further recovery in profits in 2023. The airline group
–which houses British Airways, Iberia, and Vueling among others–said its net profit was 431 million euros ($456.7 million) compared with a net loss of EUR6.93 billion in 2021, and net profit consensus of EUR274.3 million, taken from FactSet and based on 11 analysts’ forecasts.
Pretax profit for the year was EUR415 million, compared with a pretax loss of EUR3.51 billion the year prior. Pretax profit consensus was EUR397.7 million, based on six analysts polled by FactSet. Revenue for the year rose to EUR23.07 billion from EUR8.46 billion the year before. Revenue consensus was EUR22.89 billion, also taken from FactSet and based on 20 analysts’ estimates. Operating profit before exceptional items–the company’s preferred metric which strips out exceptional and other one-off items–was EUR1.23 billion, compared with an operating loss of EUR1.02 billion in 2021. The company had an operating profit consensus range of EUR328 million to EUR664 million. For 2023 operating profit before exceptional items is expected to be in the EUR1.8 billion to EUR2.3 billion range, the company said. Capacity fo …