American Airlines Group Inc on Wednesday forecast first-quarter profit below market expectations, joining bigger rival United Airlines to signal a hit from persistently high labor and fuel costs.
The dull outlook pushed its shares more than 8% lower and weighed on other major U.S. airlines. Delta Air LinesHigher fares amid rising global travel have so far helped the airlines industry mitigate rising costs, but concerns over the sustainability of consumer demand have gained ground against the backdrop of high borrowing costs, inflation and job losses.
Indicating robust demand, American said it expects total revenue per available seat mile, a proxy for pricing power, to be up about 25.5% in the first quarter from a year earlier.
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