...more ■ We are leaving our adjusted CASM
estimates unchanged for both AC and
WJA. Our AC adjusted CASM growth
estimate of -4% stands at the mid-point of
guidance, while for WJA, we are looking for
growth of 3.1% (low-end of guidance). The
C$ has appreciated recently and is now at
$1.07 which bodes well for both AC and
WJA’s profitability. For Q2, the average FX
rate was $1.09 which compares with guidance of $1.12 (WJA) and $1.10 (AC). As such, we
think that FX may be a bigger tailwind for WJA vs. AC as far as Q2 is concerned. Despite
the move up in WTI prices, jet fuel prices have remained relatively stable in Q2. As such, we
do not expect much of a headwind in Q2 compared with company guidance