EasyJet (LON: EZJ) shares fell Tuesday morning after the company reported its final results for the 12 months ended September 30.

The budget airline carrier reported a headline pre-tax loss of £178 million, broadly in line with expectations of £180 million. Revenue came in at £5.77 billion, increasing by 296% year-over-year. However, the company achieved a record headline EBITDAR in Q4 of £674 million.

EasyJet shares have declined more than 3% so far Tuesday following the release.

The company said in Q4 load factors returned to 92% and seat capacity to 26 million.

“easyJet has achieved a record bounce back this summer with a performance which underlines that our transformation is delivering. The summer saw easyJet achieve its highest ever earnings for a single quarter with headline EBITDAR of £674 million, ancillaries up by 59% on FY19 and easyJet holidays well on its way to its £100m target.“

“easyJet does well in tough times. Legacy carriers will struggle in this high-cost environment. Consumers will protect their holidays but look for value and across its primary airport network, easyJet will be the beneficiary as customers vote with their wallets.“

EasyJet Chief Executive Johan Lundgren commented.

Looking ahead, EasyJet is positive. The budget carrier sees market-wide inflationary pressure, but for fiscal 2023, Q1 load factor growth is up approximately 10 ppts YoY, while “H2 early bookings look positive with Easter ticket yields showing strength YoY.”