Looking deeper at the numbers:
- General revenues were UP 6.9% from Q1 23, supported by
- Passenger revenues UP 8.7%
- Cargo revenues DOWN 9.7%
- Expenses UP 6.3%
- Fuel costs DOWN 8.8%
- Wages UP 21.2%
- Operating income UP 164.7%
So what was the market expecting. Sure wages increase substantially outside the range of income growth (however I believe a new contract was signed recently which may explain that)
The other non tax large expense the company has incurred was a $46 million loss on "debt settlements" which appears to be costs related to retirement and reissuing on some revolving credit facilities. Regardless this would seem to be a one time (or rare) instance.
Remove that and the company's EBIT becomes a loss of $19 million compare to Q1 23's loss of $23 million an improvement of 17.4%
So I wonder what was the market expecting?