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American Airlines stock drops as preliminary profit numbers trail market views

Published 04/12/2023, 07:52 AM
Updated 04/12/2023, 07:56 AM
© Reuters American Airlines (AAL) stock drops as preliminary profit numbers trail market views
AAL
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By Senad Karaahmetovic

Shares of American Airlines (NASDAQ:AAL) are down about 1.7% in premarket Wednesday after the carrier reported preliminary profit figures for the first quarter.

The company said it expects to report EPS between $0.01 and $0.05, better than its guidance that was calling for an approximately breakeven quarter. However, analysts were looking for the Q1 EPS of $0.07.

AAL said it flew 65 billion total available seat miles, a 9.2% increase compared to the year-ago period and slightly better than its guidance for +9%. Total revenue per available seat mile (TRASM) is expected to rise 25.5%, in line with the guidance.

“The Company expects to end the first quarter with approximately $14.4 billion in total available liquidity, comprised of cash and short-term investments plus undrawn capacity under revolving and other credit facilities,” American added in the business update.

Cost per available seat mile (CASM) is also seen in-line with the guidance (-1.5% YoY).

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