Continental reported Monday that  its June RASM figures came in much higher than analysts had expected.

Jamie Baker, analyst with JP Morgan, wrote this morning, “Continental reported June consolidated RASM of approximately 2%, largely driven by an approximate 4% increase at the mainline. Additionally, the company amended its May mainline RASM to +1.1%, versus initial 0 to +1% guidance. These results handily exceeded our flat consolidated and 1.5% mainline June estimates, as well as those of our competitors (we believe). CAL’s mainline result bodes well for the industry, in our view, and suggests a stronger-than-expected start to the all-important summer travel system.”

The news has sent shares of Continental soaring. As of this posting, shares are up more than 10% on the day, currently trading at around 37.54 on very heavy volume.

Ticker: (NYSE:CAL)