Lufthansa Falls Most Since 9/11 as Gulf Rivals Hits Earnings
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Deutsche Lufthansa AG fell the most since the 9/11 terror attacks after cutting earnings forecasts for this year and next as a capacity splurge at Gulf competitors hurts prices and its own pilots protest against cost cuts.
The stock fell as much as 16 percent in Frankfurt after Lufthansa said in a statement that operating profit will amount to about 1 billion euros ($1.35 billion) in 2014 and 2 billion euros in 2015. That’s lower than prior forecasts of 1.3 billion euros to 1.5 billion euros and 2.65 billion euros respectively.