still trade at 5.2 and 7 times forward profit estimates, respectively. That’s well below the S&P 500′s 19.1 multiple and below the industry’s average of 8.27, according to Refinitiv Eikon figures.Airlines will again have an opportunity to sell their story when they report earnings starting this week.
“Everyone is so bearish, but airlines themselves are doing exceptionally well,” said Frank Holmes, CEO at U.S. Global Investors, which owns airline stocks. There are still no signs of air travel demand waning as ticket purchases for the rest of 2023 are up 4 per cent, said Steve Solomon, ARC’s chief commercial officer.
Hayley Berg, Hopper’s lead economist, said airfares are following a seasonal pattern where they tend to peak in June, but prices are not plummeting.
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