American Airlines Group Inc AAL shares are trading lower by 1.61% to $16.49 during Thursday's session. Shares of several airline stocks are experiencing weakness after Southwest Airlines reported mixed second-quarter results. The company also reported an increase in economic fuel costs and operating expenses.
What Happened With Southwest?
Southwest Airlines reported quarterly earnings of $1.09 per share, missing the analyst consensus estimate of $1.10 by 0.91%. This represents a 16.15% decrease compared to earnings of $1.30 per share from the same period last year.
The company reported quarterly sales of $7.04 billion, surpassing the analyst consensus estimate of $6.98 billion by 0.82%. This is a 4.59% increase over sales of $6.73 billion in the same period last year.
CEO Bob Jordan stated that while the company's network is mostly restored, it still needs optimization. They are taking steps to align their network, fleet plans and staffing with the current business environment.
Although business revenues are recovering, they have not reached pre-pandemic levels. Consequently, they are making changes to their 2024 flight schedules to adapt to the post-pandemic shifts in customer travel patterns...Read More
According to data from Benzinga Pro, AAL has a 52-week high of $19.08 and a 52-week low of $11.65.
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