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EasyJet Q3 Revenue Rises On Strong Demand; Lifts FY18 Profit View - Quick Facts

Low-cost airline easyJet Plc (ESYJY.PK,EZJ.L) reported Wednesday that its third-quarter total revenue increased 14% to 1.6 billion pounds, and Ancillary revenue increased 21.1% to 328 million pounds.

Excluding Tegel operation, total revenue grew 9.4 percent to 1.52 billion pounds from 1.39 billion pounds last year. Ancillary revenue grew 16.3 percent, and passenger revenue rose 7.7 percent to 1.20 billion pounds.

Passenger numbers in the third quarter increased 9.3% to 24.4 million, driven by an increase in capacity of 8.9% to 26.2 million seats which was lower than originally planned due to disruption. Load factor increased by 0.3 percentage points to 93.4%.

Total revenue per seat excluding Tegel operations increased 4.8% at constant currency.

Looking ahead, despite the increase in disruption, easyJet has increased its headline profit before tax guidance for fiscal 2018, including the Tegel headline loss, to between 550 million pounds and 590 million pounds. This is higher than previous guidance of 530 million pounds to 580 million pounds.

Tegel operations are expected to deliver a full-year headline loss before tax of circa 125 million pounds and non-headline loss before tax of around 50 million pounds.

easyJet now expects second-half revenue per seat at constant currency to increase by low to mid-single digits.

For the year 2018, excluding Tegel operations, easyJet expects capacity to grow by c.4.5%.

Johan Lundgren, easyJet Chief Executive said, "With easyJet on track for a positive summer trading period during the fourth quarter, we are raising our guidance for full year headline profit before tax for financial year 2018 to between £550 million and £590 million."

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