Finnair tightens annual operating profit outlook, shares skid

Finnair tightened its annual operating profit forecast range on Tuesday after Q3 earnings fell from a strong year-ago comparable period, sending its shares down 8% in early trade. The airline now expects comparable earnings before interest and taxes (EBIT) in the range of E120–170m for 2024, compared with E110–180m previously forecast. Finnair, however, reiterated that its revenue in 2024 would be between E3.0b and E3.2b. The airline, majority owned by the Finnish state, reported a comparable operating profit of E71.5m for Q3, down from E94.3m in the year-earlier period due to lower unit revenue amid normalising demand. Market situation weakened in all Finnair's markets compared with the year-ago period when demand was exceptionally strong, bolstered by the end of the COVID-19 pandemic, the carrier said in a statement.<br/>