Norwegian Air shares soar on Q4 beat, possible record 2024 profit

Norwegian Air shares jumped on Friday after it reported forecast-beating operating earnings in Q4, lifting its full-year result to an all-time high, and said it expected its profit to hit a new record this year. The results mark a turnaround for the budget carrier, which only a few years ago could have stopped flying altogether, straining under heavy debts and hit by the pandemic. From once flying transatlantic, it now focuses on its core Nordic market. Q4 is normally a slow period for holiday travel in the northern hemisphere but Norwegian last month raised its earnings forecast for 2023 on the back of strong demand in the final two months of the year. Shares in the company were up 13% at 0956 GMT on an Oslo benchmark index up 0.7%, up 43% over the past year. The carrier's October-December operating profit came in at 328m crowns ($31.08m), above the 177m forecast in a poll, opens new tab of analysts compiled by the company, and against a loss of 39m a year earlier. "It proves that the earnings recovery Norwegian has been through ... they can still deliver record numbers, even though they fly significantly less than they used to," said Sydbank analyst Jacob Pedersen. "It has become a less complex company, and complexity is incredibly expensive within aviation."<br/>