September 24, 2019 / 7:13 AM / 24 days ago

TUI sticks to earnings forecast in wake of Thomas Cook failure

FILE PHOTO: A TUI fly Belgium Boeing 737-700 airplane takes off from the airport in Palma de Mallorca, Spain, July 29, 2018. Picture taken July 29, 2018. REUTERS/Paul Hanna/File Photo

LONDON (Reuters) - European tourism group TUI (TUIGn.DE) (TUIT.L) said on Tuesday it was assessing the impact of the collapse of British rival Thomas Cook on its operations, including offering replacement flights for customers booked on the failed operator’s airline.

TUI said its own business model was proving to be resilient, even in what it said was a challenging market environment, and its summer season was ending in line with expectations, enabling it to reaffirm its guidance.

The company expects its full-year underlying core earnings (earnings before interest, tax, and amortization) to fall by as much as 26% compared with a rebased 1.177 billion euros ($1.29 billion)in its 2018 financial year.

Reporting by Paul Sandle, editing by Louise Heavens

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