Shares of American Airlines Group Inc. took flight Thursday after the air carrier beat fourth-quarter profit expectations by a wide margin and provided an upbeat 2024 outlook, while recording best-ever flight-reliability measures over the holiday period. The company said it produced record completion factors for the fourth quarter and the full year of 2023, with the lowest number of annual flight cancellations since 2013.
“The airline’s strong operational momentum continued through the holiday travel period,” the company said in a statement. “American achieved its best-ever completion factor and on-time departures as well as its lowest mishandled baggage rate over the holidays.” The stock
AAL,
-0.50%
surged 4.8% in premarket trading. That puts it on track for the best one-day post-earnings performance since soared 9.3% on Jan. 28, 2021, when Q4 2020 results were reported. The company said net income dropped to $19 million, or 3 cents a share, from $803 million, or $1.14 a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share of 29 cents were well above the FactSet consensus of 11 cents. Adjusted operating margin fell to 5.1% from 10.5% a year ago, but was above the guidance range provided in October of between 2% and 4%. Revenue fell 1% to $13.06 billion, but was above the FactSet consensus of $13.01 billion, while 2023 revenue grew 7.8% to a record $52.79 billion. Load factor for the quarter slipped to 83.6% from 83.9%, but beat expectations of 82.9%, as capacity growth o …
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“The airline’s strong operational momentum continued through the holiday travel period,” the company said in a statement. “American achieved its best-ever completion factor and on-time departures as well as its lowest mishandled baggage rate over the holidays.” The stock
AAL,
-0.50%
surged 4.8% in premarket trading. That puts it on track for the best one-day post-earnings performance since soared 9.3% on Jan. 28, 2021, when Q4 2020 results were reported. The company said net income dropped to $19 million, or 3 cents a share, from $803 million, or $1.14 a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share of 29 cents were well above the FactSet consensus of 11 cents. Adjusted operating margin fell to 5.1% from 10.5% a year ago, but was above the guidance range provided in October of between 2% and 4%. Revenue fell 1% to $13.06 billion, but was above the FactSet consensus of $13.01 billion, while 2023 revenue grew 7.8% to a record $52.79 billion. Load factor for the quarter slipped to 83.6% from 83.9%, but beat expectations of 82.9%, as capacity growth o …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]