Global airlines raise 2024 profit outlook

Global airlines have raised their profit forecast for 2024 and projected industry wide revenues just shy of $1 trillion as a record number of travelers board flights.

The International Air Transport Association (IATA) is forecasting profits for the global airline industry of $30.5 billion this year.

Passenger yields, or the average amount paid by a passenger to fly one mile, are expected to strengthen by 3.2% compared with 2023. In part, that is because capacity growth is constrained, driving up average fares.

In contrast, the profitability of freight transportation is expected to fall 17.5% in 2024 as freight markets return towards normal patterns after booming during the pandemic.