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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Airlines Group Inc | NASDAQ:AAL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.12 | 0.89% | 13.63 | 13.60 | 13.63 | 13.81 | 13.33 | 13.50 | 28,828,269 | 00:59:52 |
By Michael Dabaie
American Airlines Group Inc. (AAL) said Friday it expects its fourth quarter total revenue per available seat mile to be flat to up about 1% year-over-year, versus its previous guidance of flat to up 2%.
The company said the change in midpoint from previous guidance is due primarily to lower-than-planned yields in the pre-Thanksgiving period and higher completion factor throughout the quarter.
"Demand remains strong and December revenue performance exceeded the company's expectations," the airline said in an investor relations update filed with the Securities and Exchange Commission.
American said it sees fourth-quarter total pre-tax net special items of about $110 million, with about $20 million non-cash. The special items include fleet restructuring costs and merger integration expenses, offset by adjustments on equity and other investments.
The airline guided for fourth quarter total cost per available seat mile excluding fuel and net special items to be up about 1% to 3% on year, from previous guidance of up 2% to 4%, due primarily to improved operational performance and a higher completion factor.
Gross aircraft capex and net pre-delivery payments for the fourth quarter are lower than previous guidance due primarily to the delivery dates of certain Boeing Co. (BA) MAX aircraft moving from the fourth quarter to 2020, American said.
American said previously it reached a confidential agreement with Boeing on compensation for financial damages incurred in 2019 due to the grounding of the 737 MAX 8 aircraft. American said it doesn't expect any material financial impact of the agreement to be realized in its fourth quarter 2019 earnings.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
January 10, 2020 08:47 ET (13:47 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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