American Airlines is reporting a $545 million loss for the third quarter due to higher labor costs
FILE - In this March 31, 2020 file photo American Airlines planes are parked at Pittsburgh International Airport in Imperial, Pa. American Airlines reports earnings on Thursday, Oct. 19, 2023/ American Airlines is reporting a $545 million loss for the third quarter in contrast with the huge profits posted by its two closest rivals.
Labor costs at American jumped 17%, an increase of nearly $600 million, which was roughly offset by lower fuel prices than a year ago. Citing rising fuel prices on Wednesday, United Airlines gave a surprisingly weak end-of-year forecast after a solid third quarter, sending shares major carriers lower. United also noted the suspension of its flights to Tel Aviv because of the Israel-Hamas war.
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