By Anthony O. Goriainoff
SAS AB reported a widened net loss for the third quarter of fiscal 2022 that missed guidance because of flight cancellations as it rebuilt capacity and faced pilot strikes, and that it is cautious around the winter season due to prevailing global uncertainty.
The Scandinavian airline said results were severely hurt by July’s 15-day pilot strike, which disrupted traffic and led to around 4,000 cancelled flights.
SAS reported a net loss of 1.85 billion Swedish kronor ($174.7 million) for the three months to end-July, compared with a net loss of SEK1.34 billion a year earlier. FactSet had a net loss estimate of SEK386.1 million, based on an estimate from DNB Markets analyst Ole Martin Westgaard.
Pretax loss was SEK1.99 billion, compared with SEK1.33 billion a year earlier, it said. Westgaard estimated a pretax loss of SEK497 million.
Revenue rose to SEK8.59 billion from SEK3.98 billion, it said. Two analysts polled by FactSet had a revenue forecast of SEK10.83 billion.
The company said it is preparing for substantial recruitment and rehirings for the next summer season.
Regarding its transformation plan, the company said that it has identified the vast majority of the SEK7.5 billion in reduced annual costs, and that it continues to invest in its digital capabilities and sustainability efforts.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
Corrections & Amplifications
This story was corrected at 0707 GMT. The original incorrectly said that SAS said it missed guidance.
This item was corrected at 0746 GMT to reflect that SAS reported a net loss of SEK1.85 billion for the three months to end-July compared with a net loss of SEK1.34 billion a year earlier. The original version incorrectly said net loss for 3Q of fiscal 2021 was SEK1.36 billion in the third paragraph.
SAS AB reported a widened net loss for the third quarter of fiscal 2022 that missed guidance “SAS Missed 3Q Guidance as Net Loss Widened on Flight Cancellations, Strikes,” at 0639 GMT, incorrectly said that SAS said it missed guidance.
SAS reported a net loss of SEK1.85 billion for the three months to end-July compared with a net loss of SEK1.34 billion a year earlier. “SAS Missed 3Q Guidance as Net Loss Widened on Flight Cancellations, Strikes,” at 0639 GMT, incorrectly said net loss for 3Q of fiscal 2021 was SEK1.36 billion.
