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Lufthansa Group Reports Third Quarter Net Profit of €809 Million or €0.68 per Share

Lufthansa Group has reported a third quarter net profit of €809 million or €0.68 per share on a 93 percent year-over-year increase in revenue to €10.1 billion. During the third quarter, the Group generated an adjusted free cash flow of €410 million versus €43 million in Q3 2021.


Lufthansa Group Reports Third Quarter 2022 Financial Results - Courtesy Lufthansa

On Thursday (October 27, 2022), the Lufthansa Group reported their financial results for the third quarter ending September 30, 2022. The Group reported a third quarter operating profit of €1.1 billion and a net profit of €809 million or €0.68 per share on a 93 percent year-over-year increase in revenue to €10.1 billion. During the third quarter, the Lufthansa Group generated an adjusted positive free cash flow of €410 million, up from €43 million in the same period last year. For the period from July through September, the company’s debt was further reduced to €6.2 billion, down substantially from €9.0 billion at December 31, 2021.

In Thursday’s announcement, Deutsche Lufthansa AG’s CEO, Carsten Spohr, said,


“The Lufthansa Group achieved a very strong result in the third quarter with an operating profit of over one billion euros, thus demonstrating its regained profitability. All business segments, passenger airlines as well as logistics and MRO, contributed to this success. This once again underlines the strength of our portfolio. The Lufthansa Group has economically left the pandemic behind and is looking optimistically into the future. After all, the desire to travel and thus the demand for air travel continues unabated. Now we are focusing on the future and launching the biggest product renewal in our history. We are investing in 200 new aircraft and offering perspectives for our employees around the world. It remains our ambition to further strengthen our position among the top 5 airline groups in the world.”

Also commenting on the Group’s third quarter financial results, Deutsche Lufthansa AG’s Chief Financial Officer, Remco Steenbergen, said,


“A healthy balance sheet is the basis for profitable growth, especially in economically challenging times. We have already made very good progress in reducing our debt. Thanks to our strong cash flows, our refinancing needs will remain low in the coming quarters. With disciplined capacity management, our yield focus and strict control of spending, we are confident that we will continue to be able to compensate well for inflation-related cost increases.”


Lufthansa Group's Nine Month and Third Quarter 2022 Financial Results - Courtesy Lufthansa

Lufthansa Group airlines carried 33 million passengers during the third quarter, compared to 20 million during the same period last year. Third quarter yields were on average 29 percent higher than in Q3 2019, reaching a new record level. Additionally, at 86 percent, the Group’s average load factor was back at levels achieved in record pre-pandemic years, and First Class and Business Class load factors were even higher than in 2019. During the third quarter, business travel bookings continued to rebound, reaching approximately 70 percent of pre-pandemic levels. The Group’s Passenger Airlines segment returned to profitability during Q3 with a positive adjusted EBIT of €709 million, compared to (€193 million) during the same period last year.


Lufthansa Cargo achieved a third quarter adjusted EBIT of €331 million, an increase of 10 percent versus Q3 2021. For the first nine months of 2022, Cargo has already achieved an operating profit of €1.3 billion and is on track to exceed last year’s record result of €1.5 billion for the full year. Lufthansa Technik’s volume for the third quarter returned to around 90 percent of pre-crisis levels, generating an adjusted EBIT of €177 million, compared to €149 million in the same period last year. Lufthansa Technik is also heading for a new record for the full year 2022. Catering has also continued to recover, especially in North America, however, due to the non-recurrence of 2021 government subsidies, the division’s earning were down to €6.0 million, compared to €35 million in Q3 2019.

With a strong increase in demand, increasing liquidity and financial support from the Lufthansa Group, both Austrian Airlines and Brussels Airlines will repay remaining government stabilization measures by the end of 2022, with Austrian Airlines repaying the remaining €210 million, and Brussels Airlines €290 million. Individual third quarter financial results from select Lufthansa Group Airlines are available here: Austrian Airlines; Brussels Airlines; SWISS.



Source: Lufthansa Group

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