IAG Sets €1 Billion Buyback as Premium Demand Lifts Profit
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IAG SA reported quarterly profit that beat analysts’ estimates on the continuing strength of demand for leisure travel, and set plans to buy back €1 billion ($1.04 billion) in stock.
The British Airways owner generated just over €8 billion in revenue in the fourth quarter, up 11% from last year and ahead of analysts’ estimates. Adjusted operating profit more than doubled to €1.12 billion. The shares advanced as much as 5.2% on Friday, the most in almost four months.