Sabre reported its best quarter of recovery since the Covid-19 pandemic began, with net air bookings nearing 60 per cent of 2019 levels by the end of the third quarter, company executives said in an earnings call.
For the full quarter, total global bookings through Sabre hit 80 million, which is 57 per cent of the levels in 2019.
Sabre chair and CEO Sean Menke said the quarter started out slowly as airlines faced operational challenges, with net air bookings at 50 per cent of 2019 levels in July, but they "improved considerably" after that.
In August, net air bookings hit 58 per cent, and that further improved to 59 per cent in September. The recovery has continued into October, Menke said. Sabre projects fourth-quarter bookings recovery will be in the low 60s per cent range.
Sabre president Kurt Ekert added that Sabre would see an acceleration of bookings due to its new agreement with BCD Travel beginning in the fourth quarter and into next year, alongside its previous agreements with American Express Global Business Travel and online travel agency Hopper.
Despite growing concerns for the overall economy, Menke said Sabre doesn't "see evidence of a slowdown in either corporate or leisure demand" and that "fares globally remain strong”. The company reported that airfares booked through Sabre started a "steep positive slope" in 2021, and this year, average fares are about $100 higher, or more than 30 per cent, than the 2019 baseline.
Sabre reported $431 million in distribution revenue for the quarter, up 76 per cent year over year. Total travel solutions revenue was up 55 per cent year over year to $604 million, and total consolidated revenue for the quarter was $663 million, up 50 per cent year over year.
Sabre's net loss for the third quarter was $140.7 million, an improvement from the $240.6 million net loss in the third quarter of 2021.