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.
American Airlines’ shares dropped during Thursday’s premarket trading following the announcement, after closing the previous session slightly lower.
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