Aer Lingus reports Q2 2024 operating profit of €92m, impacted by market pressures across the Atlantic and the recent industrial action
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Aer Lingus (IAG)Aer Lingus reports Q2 2024 operating profit of €92m, impacted by market pressures across the Atlantic and the recent industrial action
Aer Lingus’ operating profit for Q2 2024 was €92m, down €29m versus Q2 2023. This Q2 result followed an operating loss of €82m in Q1 2024, taking the operating profit for H1 2024 to €9m. Results in Q2 2024 were impacted by market pressures across the Atlantic and the recent industrial action by pilots at the airline.
Competitors across the Atlantic increased their capacity into Ireland by 20% this summer, putting pressure on Aer Lingus’ long-haul revenues, particularly in the economy cabin. Earlier in Q2 Aer Lingus had seen strong demand for major sun destinations and European city destinations. Whilst increased competition was evident in the economy cabin of transatlantic services, business class was continuing to perform well.
The industrial action will have an expected €55m direct financial cost to the business over Q2 and Q3, before including the impact on forward bookings. Following the resolution of the pilot pay dispute through a Labour Court recommendation which delivered structural change for the business, Aer Lingus is assessing the implications of the financial damage caused by the dispute in the context of the current competitive environment and the passenger cap at Dublin Airport. This will include a review of the weaker parts of the airline’s network and its cost base.
As the summer season continues, Aer Lingus is looking forward to the arrival of fans in large numbers for the Aer Lingus College Football Classic game between Georgia Tech and Florida State which is taking place on Saturday 24th August 2024 in the Aviva Stadium. The game is a sell-out and over 20,000 fans are expected to travel from the United States to Ireland for the game. Grant Thornton’s Post-Game Economic Impact Report disclosed that the 2023 game generated €180m for the Irish Economy, with a strongly positive impact again expected in 2024.
Source: Aer Lingus
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