[ad_1]
Sabre reported a 12 percent increase in total third-quarter bookings year over year, which helped push an 11 percent increase in Travel Solutions revenue to $671.9 million.
The bookings growth included an 11 percent year-over-year increase in air bookings to 76.1 million. In an earnings call, CEO Kurt Ekert said Sabre also grew its share of industry air bookings in the quarter to 34.1 percent, up 0.7 percentage points year over year and up 0.4 percentage points compared with the second quarter.
“We expect signed but not-yet-implemented [global distribution system] deals, a robust pipeline and our strong competitive distribution offering [will] position us well for continued share gains and future growth,” Ekert said.
Non-air travel bookings for Sabre increased 18 percent year over year in the third quarter to 13.4 million.
Ekert said corporate travel bookings remain about 25 percent below pre-pandemic levels, though they are closer to full recovery on a cost basis with higher travel costs. Sabre’s average booking fee for the quarter was $5.87, up 9 percent year over year.
Sabre Hospitality Solutions revenue was up 16 percent year over year to $78.6 million, and total revenue was up 12 percent to $740.5 million in the third quarter.
Ekert called the quarter “an important turning point” for Sabre, as it had an operating income of $52 million, compared with a $57 million operating loss the year prior. That has been driven in part by Sabre’s cost-cutting measures announced earlier this year, including a 15 percent reduction in its workforce, that are on track to provide $200 million in annualized savings by next year, Ekert said.
Sabre reported a net loss of $211.8 million for the quarter, compared with a $140.7 million net loss in the third quarter of 2022. The increased loss stemmed partially from a loss on the extinguishment of a $121 million debt, higher interest expenses and an adjustment in the value of Sabre’s investment in American Express Global Business Travel.
Sabre Q2 results
[ad_2]
Source link