American Airlines Group Inc cut its 2019 profit forecast on Friday, blaming an e...
- American Airlines Group Inc cut its 2019 profit forecast on Friday, blaming an estimated $350 million hit the grounding of Boeing’s 737 MAX planes during its busiest travel season, but said it was confident that the jets would start flying again by mid-August.
While the cancellations only represent about 2 percent of American’s daily summer flight capacity, the financial impact is disproportionate as revenue during lost while the vast majority of costs remain in place. The U.S. Federal Aviation Administration is under scrutiny for its original certification of the airline and has said it will work with regulators worldwide to recertify the aircraft.
American reported first-quarter net income of $185 million, or 41 cents per share, compared with $159 million, or 34 cents per share, a year earlier.
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