Deutsche Lufthansa, the largest aviation concern in Europe, announced a decrease in the forecast for the current year, due to fierce competition from European low-cost carriers, as well as overcapacity in the European market. The company now expects an adjusted EBIT margin from 5.5% to 6.5%. The previous forecast assumed a figure in the range from 6.5% to 8%. In addition, the company said that its fuel costs will increase by 550 million euros. Rising fuel costs and price pressure caused the company's negative EBIT in the first quarter when net loss rose to 342 million euros from 39 million euros a year earlier. The announcement of a deterioration in the Lufthansa forecast for 2019 made the company's shares decrease by 11.5% on Monday.
Deal reached by Lufthansa and cabin crew unions24.06.2020
Oil falls as U.S. inventories exceed forecast22.06.2020
The largest German airline Lufthansa gears up for bailout showdown with investors28.05.2020
Micron Technology's stocks jumped to 3.7%, revenue forecast raised for the third quarter