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  • Mar 20, 2024

  • Feb 29, 2024

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    • 3:38AM ET on Thursday Feb 29, 2024 by Dow Jones
      Companies Mentioned: AFLYY

      By Mauro Orru

      Air France-KLM's losses were worse than analysts expected for the fourth quarter after the Israel-Hamas war disrupted travel to the Middle East and its expenses continued to rise.
    • 2:54AM ET on Thursday Feb 29, 2024 by Dow Jones
      Companies Mentioned: AFLYY

      0753 GMT - Air France-KLM's operating loss is well below expectations for the fourth quarter due to geopolitical tensions in the Middle East and Africa and rising company costs, Bernstein analysts write in a note to clients. The Franco-Dutch carrier group posted an operating loss of EUR56 million while analysts had forecast an operating profit of EUR88 million. The group estimates that the geopolitical situation in Africa and the Middle East wiped out EUR65 million from its operating result. The carrier also had to grapple with an increase in disruption costs for EUR70 million and took a EUR30 million hit related to its employee shareholding plan. "Excluding these the operating profit would have been positive," the analysts say. (mauro.orru@wsj.com)
    • 1:34AM ET on Thursday Feb 29, 2024 by Dow Jones
      Companies Mentioned: AFLYY
      By Mauro Orru Air France-KLM's losses were worse than analysts had expected for the fourth quarter after the Israel-Hamas war disrupted travel to the Middle East and company expenses continued to rise. The Franco-Dutch carrier group on Thursday posted a net loss of 256 million euros ($277.5 million) for the three months to the end of December compared with profit of EUR496 million in the fourth quarter of 2022. The company also posted an operating loss of EUR56 million compared with operating profit of EUR134 million for the same period the prior year. Israel's war with Hamas has been raging since Oct. 7. The company said the conflict had disrupted travel to the Middle East, including Egypt and Lebanon. It also singled out instability in Africa, where some countries have succumbed to military coups in recent months. The group estimates that the geopolitical situation in Africa and the Middle East wiped out EUR65 million from its operating result. However, the carrier also had to grapple with an increase in disruption costs for EUR70 million and took a EUR30 million hit related to its employee shareholding plan. For months, Air France-KLM has been reckoning with inflation-driven costs that mainly stem from higher salaries, but also air traffic control charges and airport fees. Costs were up 3.5% at constant fuel and constant currency in the fourth quarter. However, the aircraft fuel bill shrank 5% to EUR1.95 billion. In the current quarter, the company expects costs to increase 4% on year due to disruption in the first two months of 2024 and a one-time payment to KLM staff. For the full year, it expects costs to rise between 1% and 2% from 2023. Despite the negative effects of geopolitical tensions in Africa and the Middle East, the group said it delivered an overall good performance in the fourth quarter in the North Atlantic, while demand in Latin America remained very strong. China led growth in Asia, though India and the south-east of Asia also performed well, it said. Revenue climbed 3.9% to EUR7.41 billion in the quarter, when Air France-KLM handled 22.3 million passengers, 6.4% more than in the previous year. The group was expected to post a net loss of EUR82 million, operating profit of EUR88 million and revenue of EUR7.45 billion, according to a market consensus provided by the company based on estimates from 15 analysts. Capacity stood at 93% of 2019 levels and the company said it expects a 5% increase this year. Net capital expenditure in 2024 should range from EUR3 billion to EUR3.2 billion. "Looking ahead to 2024, a key priority will be to continue reinforcing our performance," Chief Executive Benjamin Smith said. Write to Mauro Orru at mauro.orru@wsj.com (END) Dow Jones Newswires February 29, 2024 01:34 ET (06:34 GMT)
    • 1:15AM ET on Thursday Feb 29, 2024 by Dow Jones
      Companies Mentioned: AFLYY
      By Mauro Orru Air France-KLM's losses were worse than analysts had expected for the fourth quarter after the Israel-Hamas war disrupted travel to the Middle East and company expenses continued to rise. The Franco-Dutch carrier group on Thursday posted a net loss of 256 million euros ($277.5 million) for the three months to the end of December compared with profit of EUR496 million in the fourth quarter of 2022. The company also posted an operating loss of EUR56 million compared with operating profit of EUR134 million for the same period the prior year. Revenue climbed 3.9% to EUR7.41 billion in the quarter, when Air France-KLM handled 22.3 million passengers, 6.4% more than in the previous year. The group was expected to post a net loss of EUR82 million, operating profit of EUR88 million and revenue of EUR7.45 billion, according to a market consensus provided by the company based on estimates from 15 analysts. Capacity stood at 93% of 2019 levels and the company said it expects a 5% increase this year. Net capital expenditure in 2024 should range from EUR3 billion to EUR3.2 billion. Write to Mauro Orru at mauro.orru@wsj.com (END) Dow Jones Newswires February 29, 2024 01:20 ET (06:20 GMT)

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