Lufthansa raises full year earning forecast after surge in Q3

German airline Lufthansa Group on Tuesday reported that its third quarter preliminary adjusted earnings before interest, taxes and depreciation (EBIT) surged to about €1.1 billion ($1.08 billion), compared to the previous year's €251 million, reported dpa.

The latest quarter result included an impact from strikes of around €70 million.

Quarterly revenue almost doubled to €10.1 billion, up from €5.2 billion in the prior year.

Quarterly adjusted free cash flow was around €400 million compared to €43 million last year.

Lufthansa Group raised its forecast for the full year, based on the positive development in the third quarter, the strong demand for air travel in the coming months and the expectation of another record result from Lufthansa Cargo in 2022.

Looking ahead, the company now expects annual adjusted earnings before interest and taxes (EBIT) of over €1 billion. The company said in August it expected adjusted EBIT to be above €500 million for the full year of 2022.

It also expects an adjusted free cash flow of over €2 billion in 2022.

Lufthansa will present its final quarterly results on October 27.