Wheels Up (UP) Surges 13.4% Ahead of Conference

We recently published 10 Stocks Crushing Wall Street’s Wildest Expectations. Wheels Up Experience Inc. (NYSE:UP) is one of the best performers on Thursday.

Wheels Up saw its share prices jump by 13.4 percent on Thursday to finish at $3.3 apiece as investors repositioned portfolios ahead of its presentation at the Jefferies Industrial Conference next Thursday, September 4.

In a statement, Wheels Up Experience Inc. (NYSE:UP) said that its chief executive officer, George Mattson, will present in person at the event. Investors will closely watch out for cues about its plans and growth outlook following the divestment of three of its non-core businesses, which is expected to save the company some $5 million in costs.

Last week, Wheels Up Experience Inc. (NYSE:UP) announced that it raised $20 million in fresh funds from the sale of Baines Simmons, Kenyon International Emergency Services, and Redline Assured Security to TrustFlight, one of the leading aviation safety and compliance solutions providers.

“The divestiture of these non-core services businesses is the latest in a series of steps that Wheels Up has taken to sharpen our strategic focus; invest in our product, fleet, and operations; and strengthen our balance sheet,” Mattson said.

“The sale, along with our recently announced initiatives estimated to drive approximately $50 million of cost efficiencies, is expected to create meaningful tailwinds on our path to sustained, profitable growth,” he added.

In the second quarter of the year, Wheels Up Experience Inc. (NYSE:UP) narrowed its net loss by 15 percent to $82.3 million from $96.97 million in the same period last year. Revenues, on the other hand, dropped 3 percent to $189.6 million from $196 million year-on-year.

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