VLRS - Why Volaris Stock Is Flying High Today
2024-04-23 14:52:31 ET
Mexican low-cost airline Controladora Vuela Compania de Aviacion SAB de CV (NYSE: VLRS) , commonly known as Volaris, reported an unexpected first-quarter profit. Investors reacted by initially sending Volaris shares up by as much as 19% before the stock settled at up 4% as of 2 p.m. ET.
Volaris connects 44 cities in Mexico and 29 in the U.S., Central America, and South America via more than 450 daily flights. Like most of the airline industry , the company was hit hard by the pandemic, but it has been slowly making its way back thanks to strong leisure demand.
The airline earned $0.03 per share in the first quarter on revenue of $768 million, significantly ahead of Wall Street's forecast for a $0.14 per share loss on sales of $694.6 million. The company enjoyed strong pricing power, growing revenue by 5% year over year despite a 13% decrease in capacity.
For further details see:
Why Volaris Stock Is Flying High Today