March was a turbulent month for the Qantas Airways Limited (ASX: QAN) share price.
As the chart below shows, the stock took off to coast at a new multi-year high of $6.87 early on in the peace before diving 10% over seven sessions to a low of $6.185 in the middle of last month.
Fortunately, it managed to pull itself out of its spiral. It ended March 3% higher than it was at the end of February, trading at $6.62.
For comparison, the S&P/ASX 200 Index (ASX: XJO) slumped 1% over the same period.
So, what went right, then wrong, then right again for the flying kangaroo in March? Let's take a look.
Image source: Getty Images
Qantas updates on acquisition, growth, and biofuels
The Qantas share price put on a turbulent, but ultimately rewarding performance last month despite no price-sensitive news having been released by the airline operator.
Indeed, the last time the market heard such news from the ASX 200 giant was on the release of its first-half earnings in February. That saw the stock dump nearly 7% despite the company posting a $1.4 billion profit.
However, investors were given plenty of insight into the company's growth plans and its intended acquisition of Alliance Aviation Services Ltd (ASX: AQZ) in recent weeks.
The takeover hit a bump last month when the Australian Competition & Consumer Commission (ACCC) delayed its review of the deal. It was pushed back to 20 April.
Meanwhile, Qantas revealed its plan to create more than 8,500 new high-skill jobs in Aussie aviation and hire 30,000 frontline people over the coming 10 years. It will also establish a new training pipeline for aviation engineers – the Qantas Group Engineering Academy.
Further, the airline tips its domestic capacity to surpass 100% in the April quarter. It also intends to grow both its international and domestic flying capacity by 15% over the coming six months.
And finally, the national carrier put its money where its mouth is on biofuels last month.
Qantas, alongside Airbus, will invest $2 million into the early-stage development process of creating a biofuel production facility in Queensland.
Qantas share price outperforms ASX 200 over longer-term
The Qantas share price has soared above the market in recent months, gaining 13% year to date.
The stock is also currently 30% higher than it was this time last year.
Comparatively, the ASX 200 has gained 4% since the start of 2023. Meanwhile, it has fallen 4% over the last 12 months.
