Reuters
The upward revision, the company said in a securities filing, reflects strong demand, improving fuel prices, expected growth in capacity and a greater number of fuel-efficient aircraft entering its fleet. Sao Paulo-traded shares of Azul slipped some 5% after the report, making the stock the biggest decliner on Brazil's Bovespa stock index, but sell-side analysts welcomed the results. "Azul reported decent results," JPMorgan analysts said in a note to clients, adding that the company offers "significant asymmetry to the upside" even after an upcoming equity dilution related to a deal with lessors.