“We have not yet seen any slowdown in traffic, which should continue to support demand for the lift across the industry, and low retirements,” Canaccord Genuity analyst Ken Herbert said. “Rising fuel prices, coupled with surging narrowbody deliveries, could be a material headwind for the aftermarket if there is any slowdown in the rate of traffic growth.”

“Airlines have the ability to retire less fuel-efficient planes or dial back their utilization,” Airlines For America Chief Economist John Heimlich said. “That’s a very strong lever.”