IAG lifts guidance on strong summer demand as Q1 earnings beat forecasts

(Sharecast News) - British Airways-owner IAG on Friday lifted its full year earnings forecasts on the back of strong summer demand as first-quarter profits performance beat expectations. The group, which also owns Iberia and Aer Lingus, now expects annual profit at the top end of a €1.8 - 2.3bn range given in February.

Operating profit for the three months to March was €9m, compared with a €718m loss a year earlier and smashing the €179m loss forecast by analysts.

IAG said the summer outlook was encouraging, adding that capacity in the North Atlantic and Latin American markets was now back at pre-pandemic levels, driven by leisure demand.

Reporting by Frank Prenesti for Sharecast.com