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FORT WORTH (AP) — American Airlines Group Inc. is reporting first-quarter earnings of $234 million.
On a per-share basis, the Fort Worth-based company said it had net income of 46 cents. Earnings, adjusted for one-time gains and costs, came to 61 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.
The world’s largest airline posted revenue of $9.62 billion in the period, which met Street forecasts.
In a press release statement AA Chairman and CEO Doug Parker said, “We are excited about the long-term prospects for American Airlines, and our first-quarter results only serve to reinforce our enthusiasm. We successfully launched several important commercial initiatives, including Basic Economy and Premium Economy. We expanded our global presence with our planned investment in China Southern Airlines. We continued to make significant investments in our product, including taking delivery of 22 new aircraft.”
American Airlines shares have gone down almost 1 percent since the beginning of the year. The stock has increased 26 percent in the last 12 months.
(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)