Shares of American Airlines Group Inc. (AAL) slipped 0.7% in premarket trading, although the air carrier reported a narrower-than-expected third-quarter loss and revenue that fell less than forecast. The company swung to a net loss of $2.40 million, or $4.71 a share, from net income of $425 million, or 96 cents a share, in the year-ago period. Excluding non-recurring items, the adjusted per-share loss was $5.54, beating the FactSet loss consensus of $5.86. Revenue dropped 73.4% to $3.17 billion, but was above the FactSet consensus of $2.81 billion. Load factor fell to 57.9% from 86.6%, as traffic declined 74.2% while capacity dropped 61.5%. For the fourth quarter, the company expects capacity to be more than 50%, with long-haul international capacity down about 75%. The stock has dropped 55.6% year to date through Wednesday, while the U.S. Global Jets ETF (JETS) has tumbled 43.5% and the S&P 500 has gained 6.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 22, 2020 07:11 ET (11:11 GMT)
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