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TRANSPORTATION: Lufthansa (LHAGR; Baa3/BBB-/BBB-) CEO speaking; headlines

TRANSPORTATION
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  • "LUFTHANSA CEO SAYS OVERALL TRAFFIC FIGURES HAVE BEEN STRONG
  • LUFTHANSA CEO SAYS NAMESAKE AIRLINE CONTINUES TO HURT EARNINGS
  • LUFTHANSA SAYS GAP BETWEEN GROUP, LUFTHANSA AIRLINES WIDENED"- bbg

As we said strong traffic is reassuring but not new/a issue this year and not a surprise given the monthly figures from airports and budget airlines.

On "namesake airline continues to hurt earnings" - not a great headline to see. Reminder flagship Lufthansa (over 50% of group revenue but 35% of EBIT) was running a 4.7% (-470bps) operating margin in 2Q while its other airlines ran a 10.3% (-310bps) to leave passenger airlines at 7.2% (-540bps) and group (including Technik/Cargo) at 6.9% (-470bps).

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  • "LUFTHANSA CEO SAYS OVERALL TRAFFIC FIGURES HAVE BEEN STRONG
  • LUFTHANSA CEO SAYS NAMESAKE AIRLINE CONTINUES TO HURT EARNINGS
  • LUFTHANSA SAYS GAP BETWEEN GROUP, LUFTHANSA AIRLINES WIDENED"- bbg

As we said strong traffic is reassuring but not new/a issue this year and not a surprise given the monthly figures from airports and budget airlines.

On "namesake airline continues to hurt earnings" - not a great headline to see. Reminder flagship Lufthansa (over 50% of group revenue but 35% of EBIT) was running a 4.7% (-470bps) operating margin in 2Q while its other airlines ran a 10.3% (-310bps) to leave passenger airlines at 7.2% (-540bps) and group (including Technik/Cargo) at 6.9% (-470bps).

Keep reading...Show less