American Airlines to take $350 million hit from 737 MAX groundings
- American Airlines Group Inc cut its 2019 profit forecast on Friday, saying it expected to take a $350 million hit from the grounding of Boeing’s 737 MAX planes, a situation that cuts revenue while many costs remain in place.
The MAX jets, which were grounded worldwide in March following two fatal crashes on other airlines, only represent about 2 percent of American’s flight capacity this summer, when it will be canceling about 115 daily flights. The airline reported first-quarter net income of $185 million, or 41 cents per share, compared with $159 million, or 34 cents per share, a year earlier.
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