In part due to the Boeing 737 MAX ban, the group's adjusted operating income declined 46 percent year-on-year to 100.9 million euros.
"We have conducted a comprehensive review of our transatlantic operations between Ireland and North America and considering the grounding of the Boeing 737 MAX aircraft, we have concluded that these routes are no longer commercially viable", Mr Wood said.
"The desperate position of its rival Thomas Cook means investors will be breathing a big sigh of relief on the publication of travel outfit TUI's third quarter results", said AJ Bell investment director Russ Mould.
TUI is just one of many Boeing 737 MAX customers which have been severely affected by the worldwide grounding announced on the 13 March.
Boeing's 737 Max jets were grounded around the world in March after the new planes were linked to two deadly crashes.More news: Disney Exploring Sequel to Live-Action 'Aladdin'
The grounding has caused huge disruption for airlines, which have had to charter new planes to maintain flight schedules.
This vertically integrated model allows TUI to cover all stages of the tourism value chain.
Mr Dickson's swearing-in ceremony follows a damning report from the New York Times last weekend revealing the extent that United States deregulation had led to overlooking faults found within the 737 MAX's Manoeuvring Characteristics Augmentation System (MCAS) software, eventually causing the two fatal crashes.
TUI's three cruise brands, TUI Cruises, Marella Cruises and Hapag Lloyd Cruises, have enjoyed a successful year.
With regards to this year's performance, TUI says, "Despite the challenging environment in 2019 to date, our underlying business remains robust..."More news: 'Little Women' trailer: Watch Saoirse Ronan lead the feminist charge
The holiday giant now expects costs of around €300m for the full year.
According to TUI, its turnover had increased by 3.7 percent to 4.8 billion euros in the quarter between April and June.
Norwegian is among a number of airlines globally that have been impacted by the grounding of the Boeing 737 MAX fleet, following two fatal crashes that involved the aircraft.
US President Donald Trump's pick for leading the Federal Aviation Authority (FAA) will be tasked with boosting the government body's reputation after facing intense scrutiny from Congress, who are demanding stricter oversight into Boeing's progress in fixing defects with its flagship plane.More news: Death toll in Kerala and Karnataka touches 131, flood rescue continues