British Airways owner IAG profit beats estimates, plans share buyback [Yahoo! Finance Canada]
INTL CONSL AIRLNS S/ADR (ICAGY)
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iagshares.com
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Source: Yahoo! Finance Canada
Its shares jumped 5% to hover close to a five-year high of 368 pence it hit in early February, as IAG also said it plans a 1-billion-euro ($1 billion) share buyback. European airlines overall have struggled in the past year with spiralling costs and delivery delays. IAG, which also owns Spanish airlines Iberia and Vueling, said however it was confident about delivering margins and returns as demand for travel remained strong. "The airline operator has been boosted by cheaper fuel prices and resilient demand for travel, as squeezed consumers prioritise travel," Julie Palmer, partner at business consultancy Begbies Traynor said in a note. The group posted adjusted operating profit of 4.44 billion euros, above analysts' expectations from a company-compiled poll for 4.08 billion euros. "These results highlight the... effectiveness of our strategy, underpinned by the successful execution of our transformation programme across the group," CEO Luis Gallego said in a statement. I
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