BABWF - International Consolidated Airlines Group S.A. (ICAGY) Q1 2024 Earnings Call Transcript
2024-05-10 08:53:10 ET
International Consolidated Airlines Group S.A. (ICAGY)
Q1 2024 Earnings Conference Call
May 10, 2024, 3:00 am ET
Company Participants
Luis Gallego - CEO
Nicholas Cadbury - CFO
Lynne Embleton - CEO, Aer Lingus
Carolina Martinoli - CEO, Vueling
Marco Sansavini - CEO & Chairman, Iberia
Sean Doyle - Chairman & CEO, British Airways
Adam Daniels - CEO, IAG Loyalty
Conference Call Participants
Andrew Lobbenberg - Barclays
James Hollins - BNP Paribas
Harry Gowers - JPMorgan
Savi Syth - Raymond James
Stephen Furlong - Davy
Sathish Sivakumar - Citi
Jarrod Castle - UBS
Guilherme Sampaio - CaixaBank
Alex Irving - Bernstein
Jaime Rowbotham - Deutsche Bank
Conor Dwyer - Morgan Stanley
Presentation
Operator
Good day and thank you for standing by. Welcome to the First Quarter 2024 International Airlines Group Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be the question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Luis Gallego, CEO. Please go ahead.
Luis Gallego
Thank you very much. Good morning, and welcome to the IAG Trading Update for the first quarter of 2024. With me today are Nicholas Cadbury as well as members of the IAG Management Committee.
I am pleased to announce that this has been a very good first quarter for IAG. We have seen a strong demand in most of our markets, and in particular, our three core markets of the North Atlantic, South Atlantic and in Europe. This has driven increased unit revenue versus same quarter last year in the North Atlantic and Europe and supported the high capacity investments we are making in Latin America. This has been helped by good Easter holiday trading. As a result, our revenue has increased by over 9% to €6.4 billion. And we have delivered operating profit of €68 million, a €59 million increase compared to the first quarter last year.
We are continuing to invest in our businesses to deliver customer and operational benefits that will sustain best-in-class margins over the long-term. Unit costs were as we expected, so a little bit higher in the first quarter than they will be for the rest of the year due to the timings of this investment. We are already seeing the benefits, in particular, in BA's operational performance....
International Consolidated Airlines Group S.A. (ICAGY) Q1 2024 Earnings Call Transcript