Air New Zealand cites volatile jet fuel market as major factor in FY24 earnings guidance
Air New Zealand has unveiled its initial earnings guidance for FY 2024 after the first three months of operating performance, highlighting the ever-changing price of jet fuel as a major factor.
Jet fuel costs have risen 35 per cent from July to September, though dropped 10 per cent in the last week, highlighting the volatility of the critical market.
At the annual shareholder meeting, held on 26 September, it was noted that customer demand remains high across most markers, but recent softness in domestic travel, especially corporate and government travel has continued.
Jet fuel prices and a weakened NZ dollar have also had adverse impacts on the first financial quarter of the year.
Assuming an average jet fuel price of USD $110/bbl for the remainder of the first half, earnings before tax for the first half of the financial year are estimated to be in the range of $180m – $230m.
Air NZ also says that while ongoing ‘Pratt & Whitney engine issues are likely to have a continuing impact on its flying schedule in the second half of FY24, the financial impact will be nominal.
The airline still holds approximately $200 million in COVID-related credits and continues to increase efforts to contact customers to raise awareness and increase redemption.
The expiry date for those credits has recently been extended by two years until 31 January 2026 for booking travel through to 31 December 2026.
Included within the above guidance range is approximately $45 million of COVID-related credits that are highly unlikely to be redeemed by the extended expiry date.
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