Lufthansa to End 2022 Strong, Raises Profit Forecast
Airlines Business / Finance

Lufthansa to End 2022 Strong, Raises Profit Forecast

DALLAS — After a strong end to 2022, the Lufthansa Group (LH) has raised its full-year profit forecast to around US$1.6bn (€1.5bn). This came after the final months of 2022 exceeded expectations for LH.

During the third quarter in October, LH outlined its earnings stating it would be more than €1bn. But on December 13, the carrier announced that earnings for November and October were better than expected and that there was a positive trend toward bookings for the coming months. 

Lufthansa commented that the strong demand for air travel has raised average passenger earnings above pre-pandemic levels. This comes as Lufthansa Cargo and Lufthansa Technik have had record-breaking years. On March 3, 2023, the airline group will report its full-year results. 

The group has changed its yearly earnings for the second time, having done so in October following a successful third quarter. This is despite facing early-year losses and operational disruptions because of strikes. 

Lufthansa Cargo D-ALCH McDonnell Douglas MD-11F (Cargo Human Care Livery). Photo: Julian Schopfer/Airways

Lufthansa Cargo, Maintenance Operations

Both Lufthansa Cargo and Lufthansa Technik are diverse parts of the group that will have record-breaking years. Lufthansa Cargo had a strong year as cargo demand increased, and the cargo division stated that it plans to exceed its US$1.58bn (€1.5bn) profit in 2021. 

Lufthansa’s new profit forecast is a major transition from how the group suffered during the pandemic. During the first few months, LH said its loss had reached up to US$1m per hour, and throughout the first few months of 2022, LH posted a loss of US$600m.

Furthermore, following this strong recovery year, LH is in the midst of hiring 20,000 new employees allowing the carrier to fully return to pre-pandemic levels.

Featured image: D-AIXC Lufthansa Airbus A350-941 A359 JFK KJFK. Photo: Francesco Cecchetti/Airways

Joshua Kupietzky has a passion for aviation and deep expertise in the aviation industry. He’s been enamored with the facts and figures of the airline industry, and the details of the make and model of commercial aircraft for as long as he can remember. Based in Chicago, US. Follow him on Instagram @jbkaviation

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