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Joe Breitfeller

Lufthansa Group Reports Third Quarter 2024 Net Profit of €1.1 Billion or €0.92 per Share

Lufthansa Group has reported a third quarter 2024 net profit of €1.1 billion or €0.92 per share on a year-over-year increase in revenue of 5.0 percent to €10.74 billion.  At September 30, 2024, the company had €11.4 billion in total liquidity.


Lufthansa Group Reports Third Quarter 2024 Financial Results - Courtesy Lufthansa Group

On Tuesday (October 29, 2024) Lufthansa Group reported their third quarter financial results for the period ending September 30, 2024.  The Group reported a third quarter net profit of €1.1 billion or €0.92 per share on a 5.0 percent year-over-year increase in revenue to €10.74 billion.  Lufthansa Group’s third quarter revenue per available seat kilometer (RASK) declined 4.6 percent compared the same period last year to 9.2 euro cents, while cost per available seat kilometer, excluding fuel costs and carbon trading (CASK-ex) increased 2.6 percent to 6.5 euro cents.  At September 30, 2024, the Group had liquidity totaling €11.4 billion.

Lufthansa Group's Third Quarter 2024 Financial Results - Courtesy Lufthansa

In Tuesday’s announcement, Deutsche Lufthansa AG’s Chairman of the Executive Board and CEO, Carsten Spohr, said,


“Today, we are reporting on another strong summer travel season, with a record seat load factor of 88 percent in August.  Particularly in view of the fact that global air traffic again reached its capacity limits this summer, I would like to thank our employees for their efforts and our customers for the patience we sometimes had to ask for.  Global demand remains intact and bookings for the fourth quarter are also at a high level compared to the previous year, particularly in the premium classes.

 

“With all passenger airlines operating at a profit, Eurowings, Austrian Airlines and Brussels Airlines even generated record results in the third quarter.  Lufthansa Technik and Lufthansa Cargo also remain on track.  At the same time, delayed aircraft deliveries, punctuality issues at our hubs in Germany and regulatory disadvantages are impacting our core brand.  Lufthansa Airlines has therefore launched the “Turnaround” program to address these and structural internal challenges.

 

“Across the group, we are continuing to invest in the largest fleet modernization in our history, in premium offers for our guests and in an even more international positioning.  These three central pillars of our strategy will enable us to further expand our role as the leading airline group in Europe.”


Individual Lufthansa Group Airlines' Third Quarter 2024 Financial Results - Courtesy Lufthansa

During the third quarter, Lufthansa Technik generated an Adjusted EBIT of €167 million, down slightly from €168 million during the same period last year.  Lufthansa Cargo achieved an operating profit of €38 million, up form €1.0 million during Q3 2023. 


 

Source: Lufthansa Group



 

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