Aer Lingus has reported an €88m, year-on-year, slump in operating profit for the first nine months of 2024 – with the cost of a high profile summer pilot strike and increased competition on its lucrative long-haul transatlantic routes significantly impacting the airline this year.
Aer Lingus said it generated an operating profit of €148m in the nine months to the end of September; a whopping €88m less than it made for the same period in 2023.
For the third quarter – the three months to the end of September – alone, the airline saw an operating profit of €139m. This was down by €57m on the profit made in the same quarter last year.
The airline said the high profile industrial action situation had a direct impact of €55m over both the second and third quarters of the year. It also said the pilot disruption had an additional impact on forward bookings.
Increased competition also played a part, with competitors across the Atlantic increasing their capacity into Ireland by 20% this summer, putting pressure on Aer Lingus’ long-haul revenues, particularly in the economy cabin.
That said, Aer Lingus has seen an underlying strong demand for major sun destinations and European city destinations.
Aer Lingus also welcomed the recent decision of the High Court to grant a stay on the IAA’s earlier decisions to reduce capacity by removing historic slots at Dublin Airport and therefore welcomed that the 5% seat reduction that had been proposed by the IAA for Summer 2025 will not now apply.
In the context of the competitive and cost environment and the uncertainty caused by the passenger cap, Aer Lingus has developed its network plan for 2025. This will see an expected six A321 XLR aircraft joining the fleet over 2024/ 2025 and some reduction in A330 and A320 flying.
The confirmation of A321 XLRs joining the fleet has seen Aer Lingus announce new routes to Nashville and Indianapolis commencing in April and May 2025 respectively. Aer Lingus also recently commenced its service to Las Vegas, offering Irish customers a direct flight to the Neon City three times per week until the end of April 2025.
