American Airlines (AAL.O) reported a quarterly loss on Thursday, as it was hobbled by the impact of rising jet fuel prices and expensive labor contracts.
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 Photoreported a quarterly loss on Thursday, as it was hobbled by the impact of rising jet fuel prices and expensive labor contracts.
Rising costs as well as signs of softening domestic travel demand have raised worries about the industry's profitability, sparking a sell-off in airline stocks and prompting analysts to slash their earnings estimates.American Airlines itself 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.
The company's net loss was $545 million, or 83 cent per share, for the third quarter ended Sept. 30, compared with a profit of $483 million, or 69 cents per share, a year earlier.Ford Motor said on Wednesday it is recalling 35,000 Mustang Mach-E electric vehicles because high voltage battery main contactors may overheat resulting in a loss of driving power.
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