American Airlines reported slightly better-than-expected profit helped by lower fuel costs

News Hour:

American Airlines Group Inc reported a slightly better-than-expected quarterly profit, helped by lower fuel costs. Aircraft fuel costs and related taxes fell 12.6 percent to $1.39 billion during the third quarter.

The world’s largest airline’s net profit, however, halved as income tax provision jumped to $452 million in the quarter ended Sept. 30, from $16 million a year earlier, reports Reuters.

The company said on Thursday net income fell to $737 million, or $1.40 per share, from $1.69 billion, or $2.49 per share, a year earlier.

American Airlines aircraft are parked at Ronald Reagan Washington National Airport in Washington, U.S.

American Airlines aircraft are parked at Ronald Reagan Washington National Airport in Washington, U.S.

Excluding special items, the company’s profit was $1.76 per share, compared with the average analyst estimate of $1.69, according to Thomson Reuters I/B/E/S.

Passenger load factor, a measure of how full the planes are flying, fell to 83.3 percent from 85.6 percent. Revenue fell 1.1 percent to $10.59 billion.

American Airlines’ shares were up 1.6 percent in premarket trading on Thursday. Up to Wednesday’s close, American Airlines share had fallen 4 percent this year.

Avatar

This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments

Translate this News

Join the Facebook Group

Click here to join the Facebook group of News Hour

Popular Posts

Advertisement

News of the Month

October 2016
S M T W T F S
« Sep   Nov »
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
Scroll Up
%d bloggers like this: