关税、经济和恐慌，多家美国航司发出“罕见警告”

Core Insights - The U.S. airline industry had high hopes for 2025, but actual passenger demand has fallen short of initial expectations, leading to several airlines, including American Airlines, to withdraw their financial forecasts for the year [1][2] Group 1: Financial Forecasts and Performance - American Airlines announced the withdrawal of its 2025 performance forecast on April 24, following similar actions by Southwest Airlines, Delta Airlines, Alaska Airlines, and JetBlue [1] - The stock price of American Airlines dropped over 1% on the announcement day, with a year-to-date decline of 47%, significantly outpacing the S&P 500 index [1] - Initially, American Airlines projected an adjusted earnings per share of $1.70 to $2.70 and revenue growth of 4.5% to 7.5% for 2025 [1] Group 2: Market Conditions and Demand - The decline in travel demand is attributed to economic uncertainties, with leisure travel being considered an elastic expenditure [1][2] - CEO Robert Isom noted a significant drop in domestic leisure travel demand starting in February, despite good performance in late 2024 and early 2025 [1] - March data from the U.S. Bureau of Labor Statistics indicated a 5.3% year-over-year decrease in airfare prices [1] Group 3: Industry Responses - Southwest Airlines and United Airlines have announced plans to reduce flight schedules for the latter half of 2025 due to declining demand [3] - Delta Airlines has paused its expansion plans for 2025 after reassessing market conditions, citing stagnant revenue growth due to declining consumer and business confidence [3] - JetBlue has reduced its capacity for the second quarter, anticipating continued weakness in non-peak travel demand [3] Group 4: International Travel Trends - Canadian airlines reported a 10% drop in bookings to the U.S. for spring and summer 2025, with a 70% decrease in bookings from April to September [3] - Smaller airlines have also reduced operations to the U.S. and shifted capacity to domestic markets in Canada [3] Group 5: Economic Implications - Recent cancellations of trips to the U.S. by international tourists are seen as a reaction to the Trump administration's trade policies, highlighting the emotional and behavioral impacts on economic activity [4]