For the month of June, Delta Air Lines Co. (NYSE: DAL) reported that consolidated revenue per available seat mile dropped 5% year over year as a result of margin weakness in the United States and currency exchange pressures. The impact on share prices is being felt on all U.S. carriers.

In the wake of the June operations report, Delta has cut its second-quarter operating margin projection from a prior range of 21% to 23% to around 17%. The airline is blaming fuel costs that were more than $0.50 a gallon than it had expected. The company also settled its 2016 fuel hedges early, wiping out about $450 million.

Delta’s available capacity rose 3.5% year over year and year-to-date capacity is up 3%. Load factors are down 0.4 percentage points for the month, but up 0.1 points for the first six months of 2016.

Alaska Air Group Inc. (NYSE: ALK) reported that traffic rose by 10.9% in June while seating capacity rose by 11.7%. Load factor declined 0.7 percentage points in the month and for the year to date.

Low-cost carrier Ryanair Holdings PLC (NASDAQ: RYAAY) also reported June operating data Tuesday morning. The Ireland-based carrier reported that traffic rose by 11% and that load factor rose by 1%. A company spokesperson noted:

These record monthly numbers and load factors were delivered, at lower fares, despite the repeated disruptions caused by unacceptable French ATC strikes, and we are again calling on the European Commission to urgently take action to reduce the impact of these ATC strikes on Europe’s citizens and the single market.

Year to date, traffic at Ryanair is up 16%. The company’s fleet includes 340 Boeing 737-800s that seat 189 passengers, and it has ordered 130 more, in addition to 100 737 MAX 200s, along with an option for 100 more, growing the company’s fleet to 546 by 2024.

Other U.S. carriers will report June operating statistics later this week, but Tuesday’s trading indicates that investors are not expecting much from other legacy carriers United Continental and American. Even low-cost carrier Spirit’s stock got beaten up Tuesday.

Delta shares traded down 3.75% in the noon hour, at $35.38 in a 52-week range of $32.60 to $52.77. The consensus price target is $58.69.

Alaska’s stock traded down 0.4%, at $58.51 in a 52-week range of $54.51 to $87.17. The consensus price target on the stock is $81.38.

Ryanair shares traded down about 3.1%, at $68.92 in a 52-week range of $66.09 to $89.67, and the consensus price target is $90.00.

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