Latam Airlines upgrades earnings outlook at investor event

(Reuters) -Latam Airlines upgraded its guidance for 2024 earnings and passenger growth on Tuesday as the company celebrated its return to listing on the New York Stock Exchange during an event with investors.

The Santiago-based carrier revised its outlook for 2024 EBITDAR, or earnings before interest, taxes, depreciation and amortization and rent costs, to between $3 billion and $3.15 billion, above its prior guidance from May of between $2.75 billion and $3.05 billion.

The airline, which held an investors day in New York on Tuesday, returned to trading American Depositary Receipts (ADRs) on the New York Stock Exchange in July after delisting in 2020 as the pandemic wreaked financial havoc on airlines around the world.

After declaring bankruptcy that year, the company completed a years-long restructuring process in November 2022.

"We are very proud because we are returning to the main stock market in the world at a great time," CEO Roberto Alvo said in a statement shared by the company.

"This has been a year marked by solid results in different areas, which has allowed us to update the financial projections very positively for 2024," said Alvo.

Latam, South America's largest airline group, also said it expects passenger growth of between 15% and 16% in 2024 compared to last year.

(Reporting by Brendan O'Boyle; Editing by Aida Pelaez-Fernandez and Aurora Ellis)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• BofA raises AMD target to $720, sees server CPU TAM tripling to $211B by 2030
• KeyBanc gets bearish on Comcast as broadband competition intensifies
• Nike dips as BofA downgrades stock on longer-than-expected turnaround