Categories AlphaGraphs, Earnings, Industrials, LATEST
American Airlines (AAL) slips to Q3 loss as revenues fall 73%; beats estimates
American Airlines Group Inc. (NASDAQ: AAL) reported a net loss for the third quarter of 2020, as record-low passenger traffic and widespread flight cancellations continued to impact operations. However, the results came in above the consensus estimates.
Third-quarter revenues plunged 73% annually to $3.17 billion but exceeded Wall Street’s prediction. The dismal top-line performance reflects a sharp fall in available seat miles.
The airline slipped to a loss of $5.54 per share in the September-quarter, on an adjusted basis, from earnings of $1.42 per share in the prior-year period. Analysts were looking for a wider loss. The reported net loss was $2.4 million or $4.71 per share, compared to a profit of $425 million or $0.96 per share in the third quarter of 2019.
Read management/analysts’ comments on American Airlines’ Q3 earnings
American Airlines’ shares dropped during Thursday’s premarket trading following the announcement, after closing the previous session slightly lower.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
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