American Airlines says 737 Max cancellations had $140 mln impact
American Airlines Group Inc. AAL, +1.66% said in a Wednesday regulatory filing that the canceled Boeing Co. BA, -0.65% 737 Max flights hurt third-quarter pre-tax income by about $140 million. On March 13, the Federal Aviation Administration grounded all Boeing 737 Max aircraft, resulting in 9,475 canceled flights in the quarter. That aircraft will remain grounded through Jan. 15, 2020. For the fourth quarter, American expects to fly about 70.
1 billion available seat miles. For the third quarter, American expects total revenue per available seat mile to be up 1.5% to 2.5%, despite the impact of Hurricane Dorian. Cost per available seat mile in the third quarter excluding fuel and special items is still expected to be up 4% to 6%. American Airlines stock is up 1.4% in premarket trading, but down 18.2% for the year to date. The S&P 500 index SPX, -1.56% is up 15.4% for 2019 so far.
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