Shares of American Airlines (NASDAQ:AAL) slipped more than 3% in premarket trading Tuesday after the carrier provided investors with updated financial and operational guidance for the first quarter of 2024.
For the first quarter, the airline forecasts an adjusted loss per share to be at the lower end of its previous forecast range of 15 cents to 35 cents, compared to consensus estimates of a 23 cent loss per share.
The airline also continues to anticipate a capacity increase of between 6.5% to 8.5%.
Further, it expects total revenue per available seat mile to decrease by approximately 3.5% to 5.5%, and cost per available seat mile (CASM) excluding fuel to rise by about 2% to 4%.
The company now anticipates paying an average of between $2.80 and $2.90 per gallon of jet fuel in the first quarter, compared to the previous forecast range of $2.65 to $2.85, attributing this to the rising fuel prices.
The carrier reaffirmed its guidance for the fiscal 2024.