Aviation company American Airlines Group Inc. (NASDAQ: AAL) reported a net loss for the fourth quarter, as faltering passenger traffic and service disruptions continued to impact sales. The results, however, beat analysts’ consensus estimates.
Fourth-quarter revenues plunged 64% annually to $4 billion but topped expectations. The dismal top-line performance reflects a sharp fall in passenger traffic.
The airline slipped to a loss of $3.86 per share in the December-quarter, on an adjusted basis, from earnings of $1.15 per share in the prior-year period. Analysts were looking for a wider loss. The reported net loss was $2.18 billion or $3.81 per share, compared to a profit of $414 million or $0.95 per share in the fourth quarter of 2019.
Shares of the company rose during Thursday’s premarket trading, soon after the announcement. They had closed the previous session higher.
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