Two more airlines lowered their third-quarter outlook on Wednesday, reinforcing a recent trend that caused their shares to fall.
Spirit Airlines said it experienced “increased promotional activity with significant discounts” for travel booked from late summer through the pre-Thanksgiving period. Spirit said the company now expects third-quarter revenue of about $1.25 billion, down about 5% from its previous forecast.
American Airlines cut its third-quarter profit forecast due in part to a new pilot contract that will increase labor costs. The contract calls for increases of 46% over four years.
https://www.wsj.com/livecoverage/cpi-report-today-september-2023-inflation-09-13-2023/card/spirit-american-airlines-stocks-sell-off-after-lowered-outlooks-XhHg2ypRM6TQxXccHmcB?siteid=yhoof2&yptr=yahoo Spirit, American Airlines shares sell off after lowered forecasts