Air carrier’s stock dropped to a 3-year low after results were reported but quickly reversed course to trade higher
Shares of American Airlines Group Inc. bounced sharply off a three-year low into positive territory early Thursday, even after the air carrier reported third-quarter revenue that came up a bit short and provided a downbeat profit outlook.
The profit warning wasn’t much of a surprise, as it came the day after a rival United Airlines Group Inc. UAL, -9.67% provided a similar warning, citing the impact of flight cancellations as a result of the Israel-Hamas war.The company swung to a net loss of $545 million, or 83 cents a share, from net income of $483 million, or 69 cents a share, in the same period a year ago.
Revenue grew 0.1% to a record $13.48 billion, amid a “resilient demand environment” and record credit card and travel rewards program revenue, but was below the FactSet consensus of $13.51 billion.
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