American Airlines profit tops estimates despite Max problems
American Airlines rose above its 737 Max woes with better than expected fourth quarter earnings.
The airline posted net income of $414 million for the last quarter of 2019, up more than 27% on the previous year.
Overall revenue was up 3.4% to $11.31 billion, which was also above Wall Street estimates.
This is all despite American saying it had to cancel 10,000 flights in the fourth quarter.
"While our results for the quarter reflect our progress, we know there is more work to be done. The company will focus on improving its operations, fortifying its hub airports and driving up cash flow," said CEO Doug Parker.
It reported record load factor in a strong holiday travel season.
American will likely be without its Max jets for a second successive summer period, after Boeing said FAA approval will be delyed until the middle of 2020.
It recently sealed an agreement for compensation from Boeing.
The airline says it expects to earn between $4 and $6 a share in 2020.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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