United Airlines tumbles 8% after warning pricier fuel, war in Middle East will cut profits
Publishing timestamp: 2023-10-18 12:18:51
Summary
United Airlines expects higher costs and the suspension of flights to Tel Aviv during the Israel-Hamas war to impact its profits in the last three months of the year. The airline's shares have dropped 8% and its estimated adjusted earnings for the current quarter are below analysts' forecasts. Jet fuel prices have increased, and the halt in flights to Israel will affect revenue. CEO Scott Kirby attributes the increase in costs to labor costs, delayed aircraft, and air traffic controller shortages. Despite these challenges, United reported better-than-expected earnings for the third quarter.
Sentiment: NEGATIVE
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Source: https://www.cnbc.com/2023/10/17/united-airlines-ual-3q-2023-earnings-.html