By Pierre Bertrand
Air France-KLM shares fell in early morning trading in Paris after the Franco-Dutch carrier reported third-quarter earnings which missed analysts' expectations.
Shares fell 9.9% after the company reported a 12% on-year drop in operating profit to 1.18 billion euros ($1.27 billion).
The result compares with analysts' expectations of 1.25 billion euros in operating profit, according to a company-provided consensus.
In addition, the company indicated that unit costs had risen 3.4% in the quarter and that costs were higher than expected in the fourth quarter.
It also warned that a proposed tax increase in France on the price of tickets could result in a 90 million to 170 million euro hit to the company's operating profit next year.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
November 07, 2024 03:47 ET (08:47 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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