Stock Track | IAG Soars on Strong Q3 Performance and Share Buyback Plan

Stock Track11-08

International Consolidated Airlines Group (IAG), the parent company of British Airways, saw its shares surge 6.23% on November 8, 2024, following the release of its impressive third-quarter results and the announcement of a new share buyback program.

In its key results for the third quarter, IAG reported a remarkable 7.9% increase in total revenue, driven by strong demand on lucrative routes like the North Atlantic and London-New York. The airline group's operating profit soared by 15.4% to over €2 billion, surpassing analysts' expectations.

Buoyed by its strong financial performance, IAG announced a €350 million share buyback program scheduled to commence on November 13, 2024. The buyback plan includes purchasing shares from both the open market and Qatar Airways, which agreed to maintain its 25.143% stake in the company. This move underscores IAG's confidence in its strategy, business model, and long-term prospects, signaling a robust recovery for the airline group.

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