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EasyJet Update Isn't Expected to Materially Affect Consensus, Citi Says

07/26/2022 | 04:04am EDT

EasyJet's 3Q Update Isn't Expected to Materially Affect Consensus

0723 GMT - EasyJet reported third-quarter disruption costs of GBP133 million and said that the cost impacts were a one-off this summer, but that more color on disruption cost guidance is expected for the remainder of FY 2023, Citi analyst Sathish B. Sivakumar says in a note. The budget airline's stock is down 33% in the year to date on concerns over operational disruptions, driven by supply-chain challenges in the form of understaffed air traffic control personnel, airport security and in some cases ground handling at various airports, he says. "We do not expect the consensus to change materially in light of today's results (for now) and expect the shares to react in-line with the market today," Sivakumar says. Citi has a sell rating and a GBP3.60 target price on the stock. (anthony.orunagoriainoff@dowjones.com)

 
Companies News: 

Shell USA, Shell Midstream Partners to Merge in $1.96B Deal

Shell USA Inc. and Shell Midstream Partners L.P. have agreed to merge.

---

Rolls-Royce Holdings Names Tufan Erginbilgic as Next CEO

Rolls-Royce Holdings PLC said Tuesday that it has appointed Tufan Erginbilgic as its new chief executive officer from Jan. 1, 2023, replacing Warren East who said in February that he would be stepping down.

---

Compass Group Raises FY 2022 Growth View on Recovery, Acceleration

Compass Group PLC said Tuesday that it was raising its fiscal 2022 organic revenue growth guidance due to the significant acceleration in growth and continuing recovery of its base business.

---

Wickes Group 1H Sales Rose; Sees Outlook in Some Markets Softening

Wickes Group PLC said Tuesday that it has had strong sales in the first half, but has seen some softening in its DIY and do-it-for-me, or DIFM, markets in recent weeks.

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Anglo American's Kumba Reports Lower 1H Ebitda as Iron-Ore Production, Prices Fell

Kumba Iron Ore Ltd. on Tuesday reported lower Ebitda for the first half of the year, as its iron-ore production and realized prices declined.

---

Unilever Raises 2022 Sales Guidance on Robust Pricing Despite Volume Drop

Unilever PLC said Tuesday that it expects underlying sales growth for the full year to exceed previous guidance, driven by higher prices, although volumes are forecast to be under pressure.

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Games Workshop FY 2022 Pretax Profit, Revenue Rose; Confident for Future

Games Workshop Group PLC said Tuesday that its fiscal 2022 pretax profit and revenue both rose, and it was confident for the future.

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easyJet 3Q Headline Pretax Loss Narrowed; 4Q Capacity Cut to Meet Airport Caps

easyJet PLC said Tuesday that headline pretax loss narrowed as revenue increased for the third quarter of fiscal 2022, and that it has taken action to remove capacity in the fourth quarter due to airport-imposed caps.

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Reach 1H Pretax Profit Rose as Adjusted Items Fell on Year

Reach PLC said Tuesday that pretax profit for its first half rose, reflecting an on-year reduction in adjusted items.

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Brighton Pier Group Reports Pandemic Recovery Sales Boom for FY 2022

Brighton Pier Group PLC said Tuesday that sales for fiscal 2022 nearly tripled, helped by a pandemic-recovery boom in demand for entertainment and government initiatives to support the hospitality industry.

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Drax 1H Profits Rose as Power Generation Business Performed Strongly

Drax Group PLC on Tuesday reported higher profits for the first half of 2022, reflecting a strong performance from its power generation plants.

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Mitie Group 1Q Revenue Rose on New Contract Wins, Acquisitions

Mitie Group PLC said Tuesday that first-quarter revenue rose thanks to new contract wins and acquisitions.

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Shoe Zone Reports Stronger-Than-Expected Summer Performance

Shoe Zone PLC said Tuesday that its performance has been stronger than expected since June 29.

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OnTheMarket Reports Positive Start to FY 2023, With Good Market Fundamentals

OnTheMarket PLC said Tuesday that it has made a positive start to fiscal 2023, with performance in line with its expectations.


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

07-26-22 0403ET

Stocks mentioned in the article
ChangeLast1st jan.
COMPASS GROUP PLC 1.04% 1847 Delayed Quote.10.72%
DRAX GROUP PLC 2.17% 637 Delayed Quote.3.06%
EASYJET PLC -1.26% 297 Delayed Quote.-45.90%
GAMES WORKSHOP GROUP PLC -2.65% 6255 Delayed Quote.-35.56%
KUMBA IRON ORE LIMITED -0.40% 363.11 End-of-day quote.-21.08%
MITIE GROUP PLC 0.32% 63 Delayed Quote.-2.64%
ONTHEMARKET PLC 0.00% 84.5 Delayed Quote.-33.20%
REACH PLC -2.07% 70.9 Delayed Quote.-74.37%
SHELL MIDSTREAM PARTNERS, L.P. 0.19% 15.83 Delayed Quote.37.15%
SHOE ZONE PLC -5.48% 172.5 Delayed Quote.65.91%
THE BRIGHTON PIER GROUP PLC -6.67% 56 Delayed Quote.-12.78%
UNILEVER PLC -0.33% 4065 Delayed Quote.3.37%
WICKES GROUP PLC -1.37% 122.1 Delayed Quote.-47.76%
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