Record loss for Lufthansa in Q4

Record loss for Lufthansa in Q4

The pandemic took a toll on the German carrier

Shares of Deutsche Lufthansa traded 1.2% lower after the company revealed its Q4 2020 earnings figures.

For the October-December period, the German carrier announced that its net loss came at €1.14 billion, lower than the €1.37 billion consensus. However, revenues fell short of the €2.74 billion mark, with figures coming in at €2.59 billion. Year-over-year, the number is 70.9% lower.

The company’s average monthly operating cash in the first quarter of 2021 is expected to reach €300 million. Moreover, Lufthansa forecasts its capacity offer to be 40%-50% of 2019 levels, down from an initial estimate of 60%. Lufthansa added that it might permanently ground more planes.

Year-to-date, Lufthansa stock price went up 14%.

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Sources: reuters.com, investing.com

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