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.
American said its results were dragged down by $983 million in charges related to a new labor contract with its pilots, butLabor costs at American jumped 17%, an increase of nearly $600 million, which was roughly offset by lower fuel prices than a year ago. American's revenue was roughly flat with last summer, compared with 12% and 11% increases at United and Delta.
American Airlines Group Inc., based in Fort Worth, Texas, said its earnings excluding special items worked out to 38 cents per share. Analysts expected 25 cents per share, according to a FactSet survey.Shares of American are flat before the opening bell. Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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