What's Going On With Frontier Airlines Stock Wednesday?

Frontier Group Holdings Inc (NASDAQ: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 (NASDAQ: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.

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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.