UK low-cost airline easyJet soared on better-than-expected earnings in its first quarter. The airline's stocks rose as much as 4.7 percent on London's FTSE 100 index on Tuesday morning after it reported expected revenue per seat in the six months to March was expected to bounce to "mid to high single digits" compared with a "previous expectation of 'increase by low to mid single digits.'"

EasyJet also reported that total group revenue for the quarter ending 31 December 2019 increased by 9.9 percent to £1.43 billion ($1.8 billion), while passenger revenue increased by 9.7 percent to £1.12 billion ($1.46 billion). It added that there was a "benefit" from the demise of Thomas Cook, its 178-year-old rival, which fell into administration in September 2019. 

"I'm pleased that we have made a strong start to the year with continued positive momentum," said Johan Lundgren, easyJet CEO. "The improvement in our revenue per seat has been driven by our self-help revenue initiatives combined with robust customer demand and a lower capacity growth market."

However, the airline added that French air traffic control strikes at the end of 2019 weighed on its costs, as it forced 813 cancellations for the company, cutting the capacity growth figure from the 1.7 percent expected to 1.5 percent in the six months to March.