Icelandair lowers Q3 revenue expectations

According to Icelandair’s updated guidance for 2023, the airline’s total revenue is expected to be around US$1.5 billion and EBIT in the range of US$50-65 million, which is around 3.3-4.3% of revenue. Icelandair says that it still expects to deliver net profit for the full year. Icelandair says that the fuel price has increased almost 30% since the end of the second quarter. The updated guidance is based on a weighted average fuel price (excluding hedges) of 990 USD m/t. Icelandair has hedged approximately 43% of the expected fuel consumption in the period from September to December at an average