American Airlines beats profit forecasts, share price dropping

American Airlines beats profit forecasts, share price dropping

FORT WORTH, Texas – American Airlines Group Inc. (AAL) on Friday reported fourth-quarter net income of $3.28 billion.

The Fort Worth, Texas-based company said it had profit of $5.09 per share. Earnings, adjusted for non-recurring gains, came to $2 per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.96 per share.

The world’s largest airline posted revenue of $9.63 billion in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $9.67 billion.

American Airlines shares have dropped nearly 10 per cent since the beginning of the year. The stock has decreased 25 per cent in the last 12 months.