Airlines 3Q19 earnings preview: slower capacity and improving pricing trends
BOfAML | We modestly update our forecasts reflecting fuel prices and monthly traffic data reports. European airlines in our coverage have reported 6.5% ASK growth on average in 3Q19 and we look for 3.8% in 4Q19. We expect RASK recovery with flat unit revenues in 3Q19 on average and 1.7% yoy improvement in 4Q19.