European airlines see bumper summer bookings

STORY: Tourists are ready to travel Europe this summer despite the cost-of-living crisis.

That's what data from leading European airlines showed Friday (May 5).

Both IAG and Air France-KLM reported big summer bookings.

British Airways-owner IAG said ticket sales for summer and winter beat expectations.

The company projected that would see profit come in ahead of previous forecasts.

The positive outlook is in line with rivals like Lufthansa and Ryanair.

Those airlines have also reported strong bookings for the summer ahead.

IAG also made a small profit over the latest quarter, usually a quiet one for travel, helped by high demand and lower fuel costs.

It now expects yearly profit to come in above the $2.5 billion it projected in February.

Air France-KLM is another airline to benefit from growing demand for travel.

It reported better-than-expected revenue in the first quarter; 42% up on the year to just under $7 billion.

It made profit of $9.9 million, well ahead of analyst forecasts of a near-$200 million loss.

The company also said summer ticket sales were soaring.