The industry-wide EBIT profit margin remained broadly unchanged in Q3 relative to a year ago, at a robust 14.7% of revenues. A decline in the margin in the North American region was partly offset by increases elsewhere.
Global airline share prices ended 2017 almost 29% higher than where they started, with sizeable gains for European and Asia Pacific airlines. Airline shares outperformed the global equity market by 7 percentage points.
Industry-wide passenger yields are currently broadly unchanged from where they were a year ago. Against a backdrop of robust global economic growth, and rising input costs, we forecast yields to rise modestly in 2018.
