Latam Airlines Upgrades 2024 Financial Projections

(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 (earnings before interest, taxes, depreciation and amortization and rent costs) to between $3 billion and $3.15 billion, exceeding its prior guidance from May of $2.75 billion to $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 stated it expects passenger growth of between 15% and 16% in 2024 compared to last year.