American Airlines Beats 3Q Profit Forecasts
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FORT WORTH (CBSDFW.COM/AP) — American Airlines Group Inc. (AAL) on Friday reported third-quarter earnings of $1.69 billion.
The report comes just one day after the airline announced it be keeping its headquarters in Fort Worth. The new, merged American and US Airways complex will be built on the corner of Highway 360 and Trinity Boulevard.
On a per-share basis, the Fort Worth-based company said it had profit of $2.49. Earnings, adjusted for non-recurring costs, came to $2.77 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.72 per share.
The world's largest airline posted revenue of $10.71 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $10.72 billion.
American Airlines shares have declined 14 percent since the beginning of the year. The stock has risen 24 percent in the last 12 months.
(©2015 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
