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Lufthansa misses third quarter profit expectations as fuel costs weigh

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Lufthansa misses third quarter profit expectations as fuel costs weigh
FILE PHOTO: A Lufthansa Airbus A321-100 airplane takes off from the airport in Palma de Mallorca, Spain, July 29, 2018. REUTERS/Paul Hanna/File Photo   -   Copyright  Paul Hanna(Reuters)
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FRANKFURT (Reuters) – Lufthansa <LHAG.DE> said it would raise its number of flights more modestly than peers this season after missing profit expectations for the third quarter of the year.

Germany’s biggest carrier on Tuesday reported adjusted earnings before interest and taxes (EBIT) of 1.35 billion euros (1.20 billion pounds), against expectations of 1.41 billion euros in the July to September period.

“We expect to see our full-year costs increase by more than 1 billion euros in 2018 due to fuel costs and the extra expenses incurred from delays and cancellations alone,” Chief Executive Carsten Spohr said in a statement.

Lufthansa said it expects to expand capacity by 8 percent in winter versus an anticipated 10 percent at peers and to grow capacity by 3.8 percent for the 2019 summer timetable.

The company maintained its guidance for adjusted earnings before interest and tax to fall slightly from 2017’s record level of 2.97 billion euros.

($1 = 0.8788 euros)

(Reporting by Arno Schuetze; Editing by Maria Sheahan)

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