Future Of British Business
IAG Boost Outlook After Swinging to Profit in First Quarter
- Spanish Iberia unit saw improvement in business travel
- IAG says summer bookings are encouraging at 80% for 2Q
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IAG SA raised its full-year earnings outlook after reporting a surprise profit in the typically weak first quarter, highlighting how the airline industry has rapidly bounced back from the depths of the pandemic slump.
The parent company of British Airways and Iberia now expects operating profit to exceed the upper end of its previous guidance, which called for a range of €1.8 billion ($2 billion) to €2.3 billion, London-based IAG said on Friday. IAG also said its net debt will come down by the end of the year, after previously saying the figure would remain flat.