LATAM Airlines Group marked its return to the New York Stock Exchange (NYSE) with the symbolic Ring the Bell ceremony today, following its exit in 2020 due to the pandemic and subsequent financial restructuring. This event coincides with a period of recovery and strong financial projections for the company.
LATAM had returned to the NYSE on July 25 with the reopening and new listing of its ADR program, which took place after a public offering price of USD 24 per ADR was set in a secondary public offering by certain shareholders to sell 19,000,000 of those shares (each equivalent to 2,000 common shares of LATAM). This Tuesday, it is trading at USD 27.39.
During the event, LATAM updated its expectations for 2024, forecasting a capacity growth of 15% to 16% compared to the previous year. Additionally, the airline expects an adjusted annual EBITDAR between US$3.0 billion and US$3.15 billion, surpassing the forecast made in May. This underscores LATAM’s positive momentum as it regains its footing, having first listed on the NYSE in 1997 under the name LAN Chile.
Regarding its fleet, the group has secured an order of over 120 aircraft through 2030, including 106 narrow-body and 19 wide-body planes, along with the recent purchase of 10 Boeing aircraft. These commitments were highlighted during the Investor Day.
Today, Monday, October 21, 2024, The New York Stock Exchange welcomes LATAM Airlines Group S.A. (NYSE: LTM) to celebrate its recent re-listing. To honor the occasion, Ignacio Cueto, Chairman, joined by Chris Taylor, Vice President, NYSE Global Head of Listings, will ring The Opening Bell®.
Photo Credit: NYSE
For its customers, LATAM announced plans for 2025, which include the completion of WI-FI installation on its narrow-body aircraft, the opening of a new lounge in Lima, the renovation of its Miami lounge, and the construction of a new lounge in Sao Paulo.
Ignacio Cueto, Chairman of LATAM Airlines Group, said, “Today, we are starting a new chapter in LATAM’s history. A chapter in which we aspire to lead, innovate, and grow in ways that positively impact our customers, the communities we serve, the markets we compete in, and the world at large.”
Roberto Alvo, CEO of LATAM Airlines, added, “We are very proud to be returning to the world’s main stock market, and we are doing so at a great moment. This year has been marked by solid results in various areas, allowing us to update our financial projections in a very positive way for 2024.” He also emphasized that “being here today is a recognition of the hard work and dedication of everyone at LATAM, which drives us to move forward with even more strength and determination.”
