2024-04-25 10:37:09 ET
Norwegian Air Shuttle ASA (NWARF)
Q1 2024 Earnings Conference Call
April 25, 2024 02:30 AM ET
Company Participants
Jesper Hatletveit - Investor Relations
Geir Karlsen - Chief Executive Officer
Hans-Jorgen Wibstad - Chief Financial Officer
Conference Call Participants
Hans Jorgen Elnaes - Winair
Presentation
Jesper Hatletveit
Good morning, and welcome to the First Quarter Presentation of Norwegian Air Shuttle. My name is Jesper Hatletveit, and I am the VP of Investor Relations here at Norwegian.
Today's presentation will be held by our CEO, Geir Karlsen and our CFO, Hans-Jorgen Wibstad. It'll be followed by Q&A from the audience and the web. Please go ahead, Geir.
Geir Karlsen
Thank you. Good morning, everyone and also good morning to the guys listening in. I think first of all we are very happy that we are now out of the so-called low season and we're now heading in full speed into what will hopefully be a new record summer season for Norwegian.
But let's have a look at the first quarter of 2024. And ended with NOK 763 million loss on EBIT. We are never happy with a loss in Norwegian, but it is the low season and it is I think it is an expected loss. If you look a couple of months back maybe two, three months back we were actually expecting a higher loss than what we ended up with which means that the market, the demand has been actually better than what we anticipated.
We have a significant higher capacity in the market this quarter compared to last year. The revenues are up by 55% compared to the same quarter last year. We are keeping a very comfortable cash position. Very happy to see that the cash position has actually increased through the quarter. So we are at the end of the quarter at NOK 10.4 billion. Today the cash position is higher than that....
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Norwegian Air Shuttle ASA (NWARF ) Q1 2024 Earnings Call Transcript