TUI Reports Swing to Profit in Q1 2024

By Anthony O. Goriainoff

TUI, the London-listed German travel operator, has reported a swing to underlying EBIT profit for the first quarter of fiscal 2024. The company recorded a profit of 6 million euros ($6.5 million) for the quarter ended December 31, compared to a loss of EUR153 million the previous year. This exceeded analyst expectations, as Deutsche Bank analyst Andre Juillard had predicted a loss of around EUR76 million.

On a constant currency basis, TUI’s underlying EBIT was EUR14 million, a significant improvement from the loss of EUR153 million in the same period last year. The company’s net loss also narrowed to EUR122.6 million, compared to a loss of EUR256.1 million in the comparable period.

TUI’s revenue for the quarter reached EUR4.30 billion, surpassing the forecast of EUR4.14 billion based on analysts’ estimates. This positive performance can be attributed to the increase in the number of customers.

Encouragingly, TUI has reiterated its full-year forecast, expecting a growth of at least 25% in underlying EBIT and a revenue increase of at least 10% for the year. The company remains confident as it continues to see strong booking momentum for both the current winter season and the upcoming summer, with bookings up 8%.

For more information, contact Anthony O. Goriainoff.