American Airlines, Spirit Lower Q3 Profit Outlook, Blame Higher Costs
Portfolio Pulse from Akanksha Bakshi
American Airlines Group (AAL) and Spirit Airlines Inc (SAVE) have lowered their Q3 2023 profit outlook due to increased expenses, primarily fuel costs. AAL expects fuel costs between $2.90 and $3.00 per gallon, up from the previous estimate of $2.55 to $2.65. Spirit Airlines now anticipates fuel costs to be $3.60, up from the previously estimated $2.80. Both airlines' shares are trading lower in premarket on Wednesday.
September 13, 2023 | 1:51 pm
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American Airlines has lowered its Q3 2023 profit outlook due to increased fuel costs. Shares are trading lower by 4.11% at $13.53 in premarket on Wednesday.
The increase in fuel costs is a significant factor in American Airlines' operations, directly impacting its earnings. This has led to a negative sentiment among investors, causing the stock price to drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Spirit Airlines has lowered its Q3 2023 profit outlook due to increased fuel costs. Shares are trading lower by 2.95% at $16.77 in premarket on Wednesday.
The increase in fuel costs is a significant factor in Spirit Airlines' operations, directly impacting its earnings. This has led to a negative sentiment among investors, causing the stock price to drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100