Spirit Airlines Inc. cited “steep” discounts for travel ahead of the Thanksgiving holiday, while Frontier Air Group Holdings Inc. saw a recent “significant unexpected change” in bookings, and sales below historic patterns. Both carriers also said the 34% surge in fuel — one of the industry’s largest costs — would hurt their quarterly results.
“Unsurprisingly, fuel guidance revisions are placing pressure on implied EPS guides while revenue updates are more mixed, reiterating varying degrees of softness in the domestic market,” Savanthi Syth, a Raymond James analyst, wrote in a note. “Notably, business travel recovery trends appear unchanged so far.”American’s adjusted earnings per share is now seen at 20 cents to 30 cents, down from an earlier outlook for as much as 95 cents, the carrier said Wednesday in a regulatory filing.
Some industry executives have said they expect a renewed push after the recent Labor Day holiday to get more workers back in the office full time. This may boost the volume of corporate travel, which remains below 2019 levels for some carriers.
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