By Olivia Bugault
Deutsche Lufthansa AG said Thursday that third-quarter net profit slightly rose and confirmed its full-year guidance.
Quarterly net profit at the carrier /zigman2/quotes/205496028/delayed DE:LHA -1.79% edged up 4% to 1.15 billion euros ($1.27 billion) from EUR1.11 billion during the same period last year, the company said. Revenue rose to EUR10.18 billion from EUR9.96 billion. Analysts expected revenue of EUR10.01 billion and net profit of EUR846 million, according to FactSet estimates.
Quarterly adjusted earnings before interest and taxes fell 8% to EUR1.3 billion.
“At Eurowings the turnaround measures are showing first results; and at Austrian Airlines, Brussels Airlines and Lufthansa Cargo we will be taking tangible corrective action to improve earnings,” Lufthansa’s Chief Executive Carsten Spohr said.
Lufthansa confirmed its 2019 guidance, which includes an adjusted EBIT of EUR2 billion to EUR2.4 billion. The company said it expects Lufthansa Cargo’s 2019 adjusted EBIT margin to range between 0% and 2% due to weak market demand.
This year, Lufthansa has cut its outlook twice--in April and June--due to overcapacity and aggressive low-cost competitors which put pressure on its European operations.