Investor Alert

Feb. 26, 2021, 2:45 a.m. EST

IAG swings to $8.43 billion loss, no guidance

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By Anthony O. Goriainoff

International Consolidated Airlines Group SA said Friday that it swung to a 2020 net loss as revenue fell, and that it isn't providing any guidance for 2021 due to uncertainty stemming from the coronavirus pandemic.

The airline group--which houses British Airways, Iberia, and Vueling among others--said net loss for the year was 6.92 billion euros ($8.43 billion) compared with a profit EUR1.72 billion for 2019, and consensus of a EUR6.47 billion loss, taken from FactSet and based on 17 analysts' forecasts.

Pretax loss for 2020 was EUR7.81 billion compared with a profit of EUR2.28 billion for 2019.

The company said it booked an exceptional charge before taxes of EUR3.06 billion on discontinuance of fuel and foreign exchange hedge accounting, impairment of fleet and restructuring costs.

Revenue for the year fell to EUR7.80 billion from EUR25.51 billion the year before, missing consensus of EUR8.08 billion, taken from FactSet and based on 23 analysts' consensus.

The company said capacity for the first quarter of 2021 will be 20% of 2019 levels.

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