Sabre's corporate travel bookings faltered in the fourth quarter, but executives on Wednesday said trends have looked more promising throughout the first weeks of 2023.
Fourth-quarter bookings through Sabre's global distribution system were 59 percent compared with the same period in 2019, Sabre president Kurt Ekert said in an earnings call on Wednesday. That equated to about 65 percent revenue recovery compared to 2019, due to higher revenue per booking, he said.
During the previous quarter, Sabre executives projected air booking recovery for the fourth quarter would be in the low 60 percent range, and weaker-than-expected bookings in November and December were largely responsible for the shortfall, CFO Mike Randolfi said. Factors including "airline and airport operational constraints, airline capacity limits and regional travel restriction" stalled recovery during the quarter, particularly with corporate travel and travel in the Asia/Pacific region, chairman and CEO Sean Menke said.
The executives called the setback temporary, saying both corporate travel and Asia/Pacific travel have begun to improve this year.
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