Issue No. 733

The Ups and Downs of Europe

After a horrible first quarter, European airlines badly needed a strong second quarter. What they got was a mixed second quarter, with some trends favorable and others adverse.

Results varied widely across the continent, from IAG’s outstanding 14% Q2 operating margin to Iceland’s appalling negative 6%. Of the eight major European carriers that have reported so far (Lufthansa, AF/KLM, IAG, Ryanair, Wizz Air, Norwegian, Finnair, and Icelandair), collective operating margin was 8%. That’s roughly six points lower than the collective Q2 figure produced by U.S. carriers. But it’s also more than double what East Asian carriers (those that have reported thus far) collectively produced.

Here a look at some of the key trends and developments in Europe last quarter, some good, some bad.

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