American Airlines profit rises 27% on strong travel demand

Business

FILE – In this Nov. 7, 2019, file photo an American Airlines jet approaches Philadelphia International Airport in Philadelphia. American Airlines reports financial results Thursday, Jan. 23, 2020. (AP Photo/Matt Rourke, File)

DALLAS (AP) — American Airlines’ fourth-quarter profit rose 27% to $414 million on strong travel demand that resulted in record occupancy levels on its planes.

However, American continues to be weighed down by the grounding of Boeing 737 Max jets. American said Thursday that it had canceled about 10,000 flights in the fourth quarter because of the grounding.

Adjusted earnings were $1.15 per share, a penny better than expected, according to a FactSet survey of 18 analysts.

Revenue rose more than 3% to $11.31 billion, matching the analysts’ average forecast.

The Fort Worth, Texas, airline said 2020 adjusted earnings, excluding non-repeating items, will be be between $4 and $6 per share. That’s in line with Wall Street expectations of $5.06 per share.

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