Qantas Airways Limited upgraded its 1HFY23 profit guidance

Qantas Airways Limited (ASX:QAN) provided a market update and 1HFY23 profit guidance upgrade:

• For 1HFY23, the company anticipates an Underlying Profit Before Tax to be in the range of AU$1.35 billion to AU$1.45 billion, which denotes an AU$150 million increase to the profit range given in early October 2022. 
• Qantas Airways has upgraded its profit guidance as consumers continue to put high importance on travel ahead of other spending categories, and there are signs that limits on international capacity are driving more domestic leisure demand, which are benefiting Australian tourism.
• Its 1HFY23 net debt is now projected to be in the range of AU$2.3 billion to AU$2.5 billion by 31 December 2022, which is approx. AU$900 million better than expected in the previous profit guidance update.
• It announced an AU$400 million share buyback program in August 2022, in which 76% is now completed at an average price of AU$5.66. A decrease in the net debt put the Board in a position to consider future shareholder returns in February 2023 aligned with the QAN’s financial framework and phasing of capital expenditure for fleet renewal.

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