American Airlines Group Posts Loss In Q3; Revenue Down 73%

(RTTNews) - American Airlines Group Inc. (AAL) reported a third quarter loss per share, excluding net special items, of $5.54 compared to profit of $1.42, prior year. On average, 17 analysts polled by Thomson Reuters expected the company to report a loss per share of $5.88, for the quarter. Analysts' estimates typically exclude special items. Excluding net special items, third-quarter pretax loss was $3.6 billion. Excluding net special items, third-quarter net loss was $2.8 billion.

Third-quarter revenue was $3.2 billion, down 73% year-over-year on a 59% year-over-year reduction in total available seat miles. Analysts expected revenue of $2.76 billion, for the quarter.

The company currently expects its fourth-quarter system capacity to be down more than 50% year over year, with long-haul international capacity down approximately 75% year over year.

American Airlines Group ended third quarter with approximately $13.6 billion of total available liquidity. Third-quarter pro forma liquidity balance was approximately $15.6 billion. The company announced authorization to issue up to $1 billion of equity in an at-the-market offering to further bolster liquidity.