TUI smashes earnings expectations
German travel giant TUI posted a quarterly profit of 6 million euros, defying expectations on the back of upbeat travel demand
The swing to profit vastly outstripped an analyst consensus forecast for a 102 million euro loss in underlying earnings before interest and taxation (EBIT). For the same quarter last year, Europe’s largest travel operator posted a 153 million euro net loss.
Key takeaways
- The group’s fiscal first-quarter revenue came in at a record 4.3 billion euros, up by 15% from the previous year, driven by higher demand at increased prices and rates;
- Tui expects to record growth in operating profit of at least 25% across the 2024 financial year and is targeting a compound annual growth rate of 7-10% over the medium term;
- A total of 3.5 million guests travelled with TUI during the three-month reporting period, up from 3.3 million the previous year.
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