Fuel was higher by a nickel than Q1 estimates ... must be a greater lag in realizing the cheaper fuel prices, or other additional fuel costs not taken into account by the daily NY fuel quotes. However, Q2-Q4 fuel guidance dropped lower than January guidance ... by a good amount.
PRASM was flat, but ASM's for Q1 were higher than January guidance ... essentially giving a higher revenue than the reported 1%+ for Q1.
A much larger increase for Q1 in cargo and other revenues than January Q1 guidance $420 million instead of $390 million.
CASM ex-fuel for Q1 was lowered vs. January guidance.
We'll have to see how long the soft spot with in close bookings last. What was sequester a 2% drop in the "growth" of government spending? We saw where the breakout to new highs for the industry looked like. It'll be interesting where the expected correction takes us.
I don't understand the sharp sell off. The numbers sent a mixed signal, which isn't that bad at all. I believe the airline industry is still on a multi year rally, so every dip like today should be a good buying opportunity.