By Joe Hoppe
TUI AG on Wednesday reported a narrowed net loss for fiscal 2022, but missed market expectations for the full year and said it expects higher revenue and underlying profits for fiscal 2023.
The German travel operator, listed in London, posted a net loss for the year ended September 30 of 277.3 million euros ($294.9 million), compared with a net loss of 2.47 billion euros for the same period a year earlier, reflected a strong set of summer bookings. However, this is below a consensus reported net loss of 157.9 million euros, obtained by FactSet and based on the forecasts of eight analysts.
Underlying earnings before interest and tax – one of the company’s preferred metrics that strips out exceptional and other one-off items – was 408.7 million euros compared to an EBIT loss of 2.08 billion euros.
Revenue for the period rose to 16.54 billion euros compared with 4.73 billion euros in the year-ago period and a consensus of 16.42 billion euros, taken from FactSet and based on 12 analysts’ forecasts.
In fiscal 2023, TUI said it expects strong revenue growth and a significant increase in underlying EBIT.
Write Joe Hoppe at email@example.com
(END) Dow Jones Newswires
12-14-22 0227 ET
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