Transportation
British Airways Owner Says Transatlantic Weakness Hit Sales
WATCH: BA parent IAG said its transatlantic routes experienced weakness in the third quarter. Benedikt Kammel reports.
Source: BloombergBritish Airways parent IAG SA said its all-important North Atlantic route experienced some weakness in the third quarter, weighing on earnings that missed estimates and causing the stock to drop the most since April.
The company reported total revenue of €9.33 billion ($10.8 billion), compared with Bloomberg analyst estimates of €9.43 billion. IAG saw a 7.1% unit revenue decline on North Atlantic routes, partly triggered by foreign exchange impacts as well as what it called “some softness” in that segment.