UPDATE 2-Brazil's Gol expects 2022 net revenue above pre-pandemic level; shares up

(Adds share reaction, analyst comment)

SAO PAULO, Dec 10 (Reuters) - Brazilian airline Gol Linhas Aereas Inteligentes SA said on Friday it expects its net revenue to come in above pre-pandemic levels at about 14 billion reais ($2.51 billion) in 2022, an announcement that sent its shares higher.

The forecast compares with 13.9 billion reais of net revenue in 2019 before the COVID-19 pandemic struck, Gol said in a securities filing, while noting that revenue should increase by about 100% from the current year.

Brazil’s largest airline also said that diluted earnings per share based on U.S.-traded American depositary shares (ADS) are expected to reach about $0.10 in 2022, compared with $0.96 in 2019.

Gol also expects 2022 capital expenditure of 700 million reais, against 639 million reais in 2019, while its net debt to EBITDA ratio was estimated at about six to one, up from four to one in 2019.

The airline said its preliminary forecasts reflect passenger revenue and frequent-flyer revenue expectations for the next year. They also take into account free cash flow, financial expenditure, crude oil prices and forex exchange rates, it added.

Gol’s Brazil-traded shares were up about 1.3% to 19.60 reais in early afternoon trading, while the broader Bovespa index rose 1%.

Analysts at Goldman Sachs saw the airline’s announcement as neutral, noting that Gol’s revenue guidance came in similar to Goldman’s estimate as well as market consensus.

“We believe at this point the key focus of the market is on revenue recovery post-COVID,” they said in a research note.

$1 = 5.5727 reais Reporting by Gabriel Araujo Editing by Jason Neely, David Goodman and Paul Simao