Southwest Airlines (LUV) shares dropped over 4% in intraday trading Wednesday after the airline raised its current♛ quarter outlook for f𝔉uel costs and pared plans to increase capacity after 2024.

The carrier now anticipates fuel prices in the fourth quarter will be $3.00 to $3.10 per gallon, up from the previous estimate of $2.90 to $3.00. It narrowed its anticipated 澳洲幸运5官方开奖结果体彩网:revenue peಌr available sea🎃t mile (RASM) to a drop of 9% to 10% from a decline of 9% to 11%.

Southwest indicated its growth target for capacity in annual seat miles (ASM) beyond 2024 is in the low- to mid-single-digit percentage range. That’s down from its earlier guidance of a mid-🌞single-digit percentage rise. The airline anticipates trip growth in the low-single-digit percentage range. 

Southwest explained that the change in planned capacity was “to support the Company's long-term financial goal to deliver after-tax 澳洲幸运5官方开奖结果体彩网:return on in🐬vested capital ('ROIC') well above the 澳洲幸运5官方开奖结果体彩网:weighted average cosꦦt of capital ('WACC').”

In its securities filing, the airline noted that “travel demand and yields continue to be healthy,” and that it set a revenue record over the Thanksgiving holiday period. It added that close-in bookings have been higher than expected in November and December to date. Southwest expects current quarter unit revenues “to improve to the better end of its pr💝evious guidance range.” It also said it expects record fou𓂃rth quarter operating revenues and passengers.

Shares of Southwest Airlines were down 4.3% at $29.01 per share as of about 3:30 p.m. ET Wednesday and have lost about 11% of their value this year.