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Lufthansa is “back to black,” reports CEO Carsten Spohr

by asma
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Germany’s Lufthansa posted on Wednesday a return to operating profit in the third quarter for the first time since the coronavirus crisis, Chief Executive Officer Carsten Spohr has reported.

The group reported adjusted earnings before interest and tax (EBIT) of €17 million in the quarter, versus a loss of €1.262 billion in the year-ago period.

Analysts in a company-provided poll had expected an adjusted EBIT loss of €33 million.

The company’s third-quarter revenue almost doubled to €5.2 billion, compared with analysts’ forecast for €5.5 billion.

“We have mastered another milestone on our way out of the crisis: We are back to black,” Spohr said in a statement.

Lufthansa, which also owns Eurowings, Swiss, Brussels and Austrian Airlines, said it expects demand to develop positively, resulting in positive earnings before interest, taxation, depreciation and amortisation (EBITDA) in the fourth quarter.

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