FX.co ★ Lufthansa Cuts FY2024 Outlook Due To Strikes, Stock Down

Germany's flagship airline, Deutsche Lufthansa AG, announced on Monday a revision to its fiscal 2024 projections due, in part, to a series of strikes implemented by various employee groups within the organization as well as employees at partner companies. The industrial action is estimated to have an impact on earnings to the tune of 350 million euros.

When looking at the current fiscal year, the company has reduced its adjusted EBIT prediction to 2.2 billion euros, a decrease from 2.68 billion euros from last year.

On a provisional basis for the first quarter of 2024, the company anticipates an adjusted EBIT loss of 849 million euros, a significant increase on last year's loss of 273 million euros.

At present time, Lufthansa's stock is reflecting these changes, trading at $6.97, a decrease of 4.32 percent on the Other OTC.