The Qantas Airways Ltd (ASX: QAN) share price managed to avoid the broader market sell-off in May to finish the month in the green.
Shares in the S&P/ASX 200 Index (ASX: XJO) airline stock closed out April trading for $6.60 apiece. On 31 May the Qantas share price closed at $6.65.
The 0.8% monthly gain isn't exactly shooting the lights out.
But it certainly outpaced the ASX 200 in May, with the benchmark index losing 3% over the month.
Here's what investors were considering over the month gone by.
Image source: Getty Images
What headwinds and tailwinds did the ASX 200 airline face?
The Qantas share price gained 2.1% on the first day of the month. But it promptly gave those gains and more back the next day, when shares closed down 3% on 2 May.
That came amid confirmation that long-time CEO Alan Joyce will step down from his position in November. The airline's chief financial officer, Vanessa Hudson, was announced as the new CEO. Hudson has spent 28 years in various executive positions at the airline.
Early in May, investors also were pondering whether the Qantas share price could come under pressure amid the company's multi-billion-dollar cash splash to acquire 299 new airplanes to replace its ageing aircraft.
Qantas plans to make those purchases over the next decade.
According to UBS, the airline is looking at spending more than $12 billion on its renewal plan over the next five years.
What else impacted the Qantas share price in May?
On 23 May, Qantas released an update with some eye-popping profit forecasts.
Management said they expect the company will reap an all-time high underlying profit before tax in the range of $2.4 billion and $2.5 billion for the 2023 financial year.
Surprisingly, the Qantas share price closed down 2.2% on the day the update was released.
But the ASX 200 airline finished the month on a strong note, gaining 2.7% on 30 May and 0.9% on the last day of the month.
30 May saw Qantas hold its first investor day in four years.
Among the highlights, the company said its Qantas and Jetstar segments are both "positioned to leverage unique competitive positions to deliver margin and earnings growth" as travel demand continues to recover post-COVID.
Investors bid up the Qantas share price on the day, with the airline reporting domestic revenue has reached 118% above pre-pandemic levels while revenue from international travel is 123% higher.
