El Al Isreal Airlines (ELAL) Q1 2024 earnings summary

Executive summary

• Q1 2024 revenue was $738.0M, net profit $80.5M and EBITDAR $195.7M, supported by strong passenger demand and higher cargo activity.

• War-related disruption and reduced foreign-airline capacity drove demand above available seats, while route extensions, security costs and crew constraints added operating risks.

Financial highlights

• Revenue was $738.0M, up 47.6% YoY from $500M and 9% QoQ from $678M.

• Operating profit was $120.2M vs. $8.0M in Q1 2023; pre-tax profit was $99.8M vs. a $25.8M loss.

• Net profit was $80.5M, including $79.3M attributable to shareholders, vs. a $34.4M net loss; basic EPS was $0.312 vs. a $0.157 loss.

• EBITDA was $185.0M and EBITDAR $195.7M, respectively 25.1% and 26.5% of revenue; Q1 2023 EBITDAR was $60.2M.

• Cash flow from current activities was $375.7M vs. $68.8M; cash and cash equivalents were $447.4M and short-term deposits $290.8M at March 31.

Outlook and guidance

• Q2 ASK was estimated at +11% vs. Q1 and RASK at +4%; demand was expected to remain above available capacity.

• Q2 capacity expansion was supported by wet-leased aircraft and efforts to add flights and seats; estimates depend on continued flight operations and war conditions.

• Early-booking campaigns aimed to encourage more normal booking behavior and offer attractive fares across destinations.

• Q1 booking figures represent ticketed sales for future flights, not recognized revenue; March–May 2024 figures were estimates.

• Boeing 787 aircraft 17–19 were scheduled for delivery in H2 2024, H2 2025 and H1 2026; aircraft 20–22 were scheduled for 2029–2030.