American Airlines cuts 2023 profit forecast on soaring costs
© Reuters. FILE PHOTO: An American Airlines Airbus A321-200 plane takes off from Los Angeles International airport in Los Angeles, California, U.S. March 28, 2018. REUTERS/Mike Blake/File Photo -American Airlines on Thursday cut its 2023 forecast for adjusted profit as it struggles to overcome the impact of higher jet fuel prices and expensive labor contracts, sending its shares down about 1.5% in premarket trading.
Rising costs as well as early signs of moderating domestic travel demand have sparked worries about the industry's profitability path, sparking a sell-off in airline stocks and prompting analysts to slash their earnings estimates.) had warned in August that third-quarter costs would rise following a new labor deal with its pilots that included more than $9.6 billion in total pay and benefits increases over four years.
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