SAS: shares jump on strong quarter; forecasts raised
(CercleFinance.com) - Scandinavian airline SAS raised its outlook for 2017/2018 on Friday, after posting "strong" earnings for the past quarter, which has lifted its shares sharply.
The airline, owned by the three Scandinavian governments, made pre-tax profit of 2 billion Swedish kronor in the third quarter ended in July, compared with 1.97 billion Swedish kronor one year earlier.
Revenue came in at 13.1 billion Swedish kronor over the summer quarter, up from 12.2 billion Swedish kronor in the same period a year ago.
"This is one of the strongest results in SAS' history, despite increasing jet fuel costs and operational challenges," commented CEO Rickard Gustafson.
In July the group's traffic was impacted by regularity and punctuality levels that are lower than normal standards, SAS said.
Despite this, SAS is raising its forecasts for the 2017/2018 fiscal year to end in October, expecting earnings before tax and non-recurring items of around 2 billion Swedish kronor.
Investors greeted the news. SAS shares listed on the Nasdaq Nordic market jumped over 10% this morning, to 20.1 Swedish kronor.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The airline, owned by the three Scandinavian governments, made pre-tax profit of 2 billion Swedish kronor in the third quarter ended in July, compared with 1.97 billion Swedish kronor one year earlier.
Revenue came in at 13.1 billion Swedish kronor over the summer quarter, up from 12.2 billion Swedish kronor in the same period a year ago.
"This is one of the strongest results in SAS' history, despite increasing jet fuel costs and operational challenges," commented CEO Rickard Gustafson.
In July the group's traffic was impacted by regularity and punctuality levels that are lower than normal standards, SAS said.
Despite this, SAS is raising its forecasts for the 2017/2018 fiscal year to end in October, expecting earnings before tax and non-recurring items of around 2 billion Swedish kronor.
Investors greeted the news. SAS shares listed on the Nasdaq Nordic market jumped over 10% this morning, to 20.1 Swedish kronor.
Copyright (c) 2018 CercleFinance.com. All rights reserved.