Finance

American, Southwest post quarterly profits, boosted by travel surge, federal aid

In this article

An American Airlines Boeing 777-300ER plane takes off from Sydney Airport in Sydney, Australia, October 28, 2020.
Loren Elliott | Reuters

American Airlines on Thursday posted a profit for the second quarter, getting a lift from federal aid and a surge in travel demand.

The Fort Worth-based carrier reported net income of $19 million, snapping five consecutive quarters of losses, thanks in part to more than $1 billion in federal payroll support. Revenue for the three months ended June 30 came in at $7.48 billion, up from just $1.6 billion a year earlier and ahead of Wall Street analysts’ forecasts, as customers returned to the skies in droves.

Adjusting for one-time items, American had a loss of $1.1 billion or $1.69 as share.

This is breaking news. Check back for updates.

Articles You May Like

Unemployment dropped among Hispanic men and women in May but rose for Black workers
Commodity Talk: Currency fluctuations to keep oil prices volatile, says Anuj Gupta of IIFL Securities
Lululemon shares surge after reporting 24% sales growth, raising full-year guidance
Risk-On Sentiment Continued, Dollar Relatively Resilient Despite Receding June Hike Expectations
GBP/JPY Price Analysis: Hits YTD highs on risk-on sentiment, retraces as a rising wedge forms

Leave a Reply

Your email address will not be published. Required fields are marked *