Airline stocks tumbled on Wednesday after American Airlines (AAL) and Spirit Airlines (SAVE) warned that higher fuel costs 🦩and♏ other expenses will hurt profits in the key summer travel season.

American cut its current quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) outlook to between $0.20 and $0.30, down from its previous estimate of $0.85 to $0.95. The carrier indicated that fuel prices “have increased considerably” since its initial guidance in July. It now anticipates average fuel prices of $2.90 to $3.00 per gallon compared with $2.55 to $2.65 per gallon earlier. In addition, American said the new labor deal made with its pilots will reduce 澳洲幸运5官方开奖结果体彩网:operating margin by about 1.7 percentage points and EPS by $0.23.

American sha♔res fell about 4% in midday trading, while Spirit was d🃏own about 2.5%.

Along with greater outlays for fuel, Spirit said that during the last few weeks it has seen “higher promotional activity with steep discounting for travel booked for the second half of the third quarter through the pre-Thanksgiving travel period.” Because of that, the airline reduced its guidance for third quarter revenue to a range of $1.25 billion to $1.26 billion, down from $1.30 billion to $1.32 billion. The company said it sees operating margin falling 14.5% to 15.5%, significantly lower from the earlier forecast of a decline of 5.5% to 7.5%.

The airline industry has been 澳洲幸运5官方开奖结果体彩网:rocked by higher costs, with Alaska Air Group (ALK) and Southwest Airlines (LUV) also recently slashing their third-quarter estimates.

Along with American and Spirit, shares of other major carriers including Delta Air Lines (DAL) were lower as well as of 11 a.m. ET on Wednesday.