American Airlines Slips To Q1 Loss, Sees Adj. Profit In Q2; Backs FY24 View; Stock Up In Pre-market

(RTTNews) - American Airlines Group Inc. (AAL) Thursday issued second-quarter earnings view, after reporting wider-than-expected loss in its first quarter, despite higher revenues. Further, the company maintained its fiscal 2024 earnings forecast.

In pre-market activity on the Nasdaq, American Airlines shares were gaining around 4.7 percent to trade at $14.60.

For the second quarter, the company expects its adjusted earnings per share to be between $1.15 and $1.45.

Analysts on average expect the company to report earnings of $1.18 per share for the second quarter, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The outlook is based on present demand trends and the current fuel price forecast.

For fiscal 2024, the company continues to expect its adjusted earnings per share to be between $2.25 and $3.25. Analysts expect the company to report earnings of $2.35 per share.

In its first quarter, net loss was $312 million, compared to prior year's profit of $10 million. Loss per share were $0.48, compared to profit of $0.02 a year ago.

Adjusted net loss for the first quarter was $226 million or $0.34 per share, compared to prior year's profit of $33 million or $0.05 per share.

Total operating revenues grew 3.1 percent to $12.57 billion from last year's $12.19 billion.

The Street estimated loss of $0.29 per share on revenues of $12.6 billion for the quarter.

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