LATAM Airlines Group reported a first-quarter profit of $258 million, a record for the period, profiting of ongoing strong demand during Latin America’s high travel season. 

Adjusted for special items such as aircraft rental income and employee compensation associated with a corporate incentive plan, LATAM said on 3 May that it made $280 million, up 82% from last year.

Revenue at the Santiago-based carrier rose to $3.3 billion, 18.4% higher than during the same period in 2023, the company adds. Passenger revenue rose 21%, while cargo operations fell 2.1%. That said, cargo revenue remains above 2019 levels by more than 40%, LATAM says.

“While this quarter has been exceptionally strong, it is important to acknowledge that the nature of LATAM group’s business is subject to seasonality as the industry moves forward into lower season in the second quarter,” says chief executive Roberto Alvo. “The first quarter robust results are the reflection of a LATAM that is more competitive in the markets in which the group operates and more efficient in terms of costs and cost containment, amidst a sustained and healthy demand.”

LATAM Boeing 777-300

Source: Bradley Caslin/

LATAM Airlines Group posts record profit of $258 million during the first quarter of 2024

Capacity as measured in available seat kilometres (ASKs) rose 17.5% over the same period last year.

The airline’s operating expenses increased 13.9% from last year, coming in at $2.88 billion, driven by a rise in passenger operations, especially on its international routes. 

All destinations are in “relatively good shape across the board”, Alvo adds. 

The airline transported 20.2 million passengers in the quarter, about 19.4% more than in the same three month period in 2023. LATAM had 32.5% more international customers, while the number of passengers transported in the domestic markets of LATAM Group’s affiliates in Chile, Colombia, Ecuador and Peru increased by 26%, in 9.1% in Brazil.

“LATAM group continued to rank first in three out of the five domestic markets its affiliates operate in during the first quarter,” the company says. “LATAM Airlines Chile reached 59% market share, LATAM Airlines Peru achieved 67% market share, and LATAM Airlines Brazil reached a 39% market share, with a notable 41% market share in March.”

For the full year 2024, LATAM Airlines has increased its earnings guidance due to continued demand for air travel. It’s now expecting system-wide ASKs to increase 14-16%, from a previous 12-14%. The airline expects full-year revenue to come in at between $12.8 billion to $13.1 billion, with adjusted EBITDAR of $2.75 billion to $3.05 billion.

During the quarter, the company added three aircraft to its fleet - one Boeing 787-9 and two Airbus A321Neos – ending the period with a total of 336 aircraft. The airline operates 258 Airbus narrowbody aircraft, 58 Boeing widebody aircraft and 20 Boeing cargo freighters. The airline’s fleet plan calls for it to add six more airframes to the fleet by the end of this year.

LATAM is not expecting any further 787 deliveries this year, and the company says it has not yet agreed with Pratt & Whitney on potential compensation for the accelerated inspections which several of LATAM’s engines must go through in the coming months.

”We do have some aircraft on the ground and we are currently in discussion with them,” Robert Alvo says.