Frontier Group sees FY24 capacity growth 12%-15%

Sees FY24 average fuel cost per gallon $2.80-$2.90. Sees FY24 adjusted CASM down 1%-3%. Sees FY24 pre-tax margin 3%-6%. The company said, “Full-year guidance is unchanged from February 6, 2024 with the exception of fuel prices. To recap, capacity is expected to be 12 to 15 percent higher compared to 2023 and adjusted (non-GAAP) pre-tax margin is expected to be 3 to 6 percent (excluding special items). Fuel costs are now expected to be $2.80 to $2.90 per gallon based on the blended fuel curve on May 1, 2024, $0.10 per gallon higher than previous guidance. Adjusted (non-GAAP) CASM (excluding fuel), stage-length adjusted to 1,000 miles, is expected to be down 1 to 3 percent over the prior year. Pre-delivery deposits, net of refunds, are expected to be $20 to $50 million and other capital expenditures are expected to be $160 to $180 million.”