Shares of American Airlines (NASDAQ:AAL) dipped over 4% intra-day today following the airline’s revision of its financial and operational outlook for Q1.

American Airlines now expects its adjusted loss per share for the first quarter to be towards the lower end of its initially projected range of 15 to 35 cents, compared to the market’s expectation of a 23-cent loss per share. The airline reaffirmed its plan to increase capacity by 6.5% to 8.5%.

Additionally, it projects a 3.5% to 5.5% decline in total revenue per available seat mile and anticipates a 2% to 4% increase in cost per available seat mile (CASM), excluding fuel costs.

Reflecting on the uptrend in fuel prices, American Airlines adjusted its jet fuel cost expectations for the first quarter, now estimating it will pay between $2.80 and $2.90 per gallon, an increase from the previously forecasted range of $2.65 to $2.85.

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