US Airlines Cut Forecasts as Fuel Prices Surge
Major carriers are slashing profit outlooks and reducing flight capacity as jet fuel costs double. Rising ticket prices fail to offset the rapid expense growth.
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UNITED AIRLINES HOLDINGS INC cut its full-year profit forecast to a range of $7 to $11 per share as rising fuel costs offset record passenger demand. The new guidance is down from the $12 to $14 range issued in February. Investors face a paradox where record revenues cannot outpace the roughly doubled jet fuel prices triggered by the conflict between Israel and Iran.
