THE City expects EasyJet to shrug off the costs of the power cut at Gatwick Airport over Christmas as the budget airline eyes an upgrade to its profit forecasts.The FTSE 100 stock, which has seen its share price soar by a third since posting its full-year results in November, is tipped to increase its earnings-per-share (EPS) predictions. Wyn Ellis , an analyst at Numis Securities , said: "The shares are now pricing in an EPS upgrade."Given next week's interim management statement is only a first-quarter update and EasyJet makes seasonal losses in its first half, the company may keep its powder dry and there may be little change to guidance of revenue per seat."Nonetheless, it is shaping up to be another good summer, earnings risk is on the upside and the share price momentum will continue."Ellis added: "The first quarter will have been affected by the power outage at Gatwick North over Christmas and also by some of the winter storms, but overall disruption in the quarter is unlikely to have been a material negative."Morgan Stanley analyst Penelope Butcher noted the airline is "benefiting from clear strength" in Europe . She added: " EasyJet has highlighted strong opportunities for profitable growth in countries such as the UK , France , Italy and Switzerland ."The airline, which is led by chief executive Carolyn Mc - Call, is due to post a first- quarter trading update on Thursday. Efforts to attract more business passengers saw the Luton -based carrier fly more than 60 million passengers for the first time, helping profits to rocket by 51 per cent to more than GBP478 million in the year to 30 September.EasyJet signalled a tougher start to its current financial year as it came up against comparisons with a year earlier when pent-up demand after the Olympics drove a leap in business. Costs also look likely to prove a headache, with a GBP50m rise in the carrier's annual fuel bill forecast.
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