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EUR 115.27
For Business Accounts Only
Sales: € 1.2 Bn (-83.6% vs. -77.9% BS(e));
EBIT: € -1.300.0 M (€ 1.425 Bn in 9M'19 vs. € -795.0 M BS(e) and € -920.0 M consensus);
9M'20 vs. 9M'19 Results
Sales: € 6.541 Bn (-66.3% vs. -64.1% BS(e));
EBIT: € -3.190.0 M (€ 2.52 Bn in 9M'19 vs. € -2.620.0 M BS(e) and € -2.745.0 M consensus).
The company has released worse preliminary 3Q’20 results than expected on the operating level, with EBIT before one-offs totalling €-1.3 Bn (vs. €-800 M BS(e) and €-920 M consensus). Although the company has provided few details, we understand that the main difference would come from revenues, which came in at € 1.2 Bn, far below our estimate of € 1.6 Bn. This has occurred despite capacity levels meeting expectations (-78.6% vs. -80% BS(e)), which would indicate that unit revenues perform worse than expected.
On another note, the company outlined that recent reserves did not perform as previously expected due to the additional measures implemented by many European governments as a reaction to the second outbreak of Covid-19 infections, and in this regard, it adjusted its capacity guidance for the 4Q’20 to
IAG: PRELIMINARY 3Q’20 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'20 vs. 3Q'19 ResultsSales: € 1.2 Bn (-83.6% vs. -77.9% BS(e));
EBIT: € -1.300.0 M (€ 1.425 Bn in 9M'19 vs. € -795.0 M BS(e) and € -920.0 M consensus);
9M'20 vs. 9M'19 Results
Sales: € 6.541 Bn (-66.3% vs. -64.1% BS(e));
EBIT: € -3.190.0 M (€ 2.52 Bn in 9M'19 vs. € -2.620.0 M BS(e) and € -2.745.0 M consensus).
The company has released worse preliminary 3Q’20 results than expected on the operating level, with EBIT before one-offs totalling €-1.3 Bn (vs. €-800 M BS(e) and €-920 M consensus). Although the company has provided few details, we understand that the main difference would come from revenues, which came in at € 1.2 Bn, far below our estimate of € 1.6 Bn. This has occurred despite capacity levels meeting expectations (-78.6% vs. -80% BS(e)), which would indicate that unit revenues perform worse than expected.
On another note, the company outlined that recent reserves did not perform as previously expected due to the additional measures implemented by many European governments as a reaction to the second outbreak of Covid-19 infections, and in this regard, it adjusted its capacity guidance for the 4Q’20 to
Underlying
International Consolidated Airlines Group SA
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
Provider
Sabadell
Francisco Rodriguez
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