Qantas Airways' (ASX:QAN) fiscal first-half underlying profit before tax of AU$1.39 billion and its capital management strategy met market expectations, according to a Thursday note by Jarden Research.

The mix of capital management showed a base dividend of AU$0.165 per share, complemented by a special dividend of AU$0.099 per share, Jarden said.

The airline reported Thursday that its fiscal first-half earnings per diluted share excluding certain items rose to AU$0.592 from AU$0.515 per diluted share a year earlier.

Revenue for the six months ended Dec. 31, 2024, was AU$12.13 billion, up from AU$11.13 billion in the same period a year earlier.

Qantas' first-half earnings before interest and taxes (EBIT) were driven by a strong performance from its low-cost carrier, Jetstar, which reported EBIT of AU$439 million, surpassing Jarden's estimate of AU$434.5 million.

Additionally, corporate costs were lower than market expectations, Jarden added.

Jarden Research has an overweight rating on QAN and a price target of AU$9.40.