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American Airlines Stock Drops 6% Despite Q2 Beat
Jul 20, 2023 9:11 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
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American Airlines (NASDAQ:AAL) shares dropped more than 6% today despite the company reporting better-than-expected Q2 earnings results. Q2 EPS came in at $1.92, compared to the Street estimate of $1.56. Revenue was $14.1 billion, beating the Street estimate of $13.72 billion.
The airline has benefited from reduced jet fuel costs and strong overall passenger demand, particularly during the U.S. Memorial Day weekend in late May. Despite recent weather challenges and air traffic control shortages impacting the U.S. airline industry, American Airlines maintained its momentum throughout June.
The company provided its fiscal 2023 outlook, expecting EPS to be in the range of $3.00-$3.75, compared to the Street estimate of $3.08.
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