What's Going On With Frontier Airlines Stock Wednesday?

Frontier Group Holdings Inc ULCC shares are trading lower by 3.67% to $9.44 Wednesday morning. Shares of airline companies are trading lower in sympathy with American Airlines Group Inc AAL after the company issued preliminary results below analyst expectations.

What Happened?

Shares of Fort Worth, Texas-headquarted American Airlines are trading sharply lower during Wednesday's session after announcing first-quarter adjusted EPS in the range of 1 cent to 5 cents per share, compared to the company's prior guidance of approximately breakeven.

American Airlines also says the company expects first-quarter total revenue of $12.194 billion, lower than the consensus estimate of $12.3 billion. The company meanwhile expects first-quarter adjusted EPS in the range of 1 cent to 5 cents, compared to the consensus estimate of 7 cents.

See Also: US Inflation Rate Slows More Than Predicted In March: Markets Rally As The End Of Fed Hike Cycle Looms

On an upbeat note, the airline says, during the first quarter, the company flew 65.0 billion total available seat miles, 9.2% higher than the first quarter of 2022, and just above the mid-point of its prior guidance of up 8% to 10%.

According to data from Benzinga Pro, ULCC has a 52-week high of $15.25 and a 52-week low of $8.19.