Shares of United Airlines and Delta Air Lines were lifted by strong results from American Airlines on Thursday.
American Airlines Group Inc.’s
third-quarter revenue was up 13% from the same period in 2019, before the pandemic hit, despite the carrier flying 9.6% less capacity. “Demand remains strong and it’s clear that customers in the U.S. and other parts of the world continue to value air travel and the ability to reconnect post-pandemic,” said American’s CEO Robert Isom, in a statement.
After gaining in premarket trading, the carrier’s stock declined 2.36% shortly after market open, compared with the S&P 500 Index’s
rise of 0.49% and U.S. Global Jets
ETF’s gain of 0.84%.
American Airlines’ results continue the airline industry’s positive run of results this earnings season. Shares of United Airlines Holdings Inc.
which reported better-than-expected third-quarter results and gave an upbeat forecast earlier this week, were up 2.1% on Thursday.
Delta Air Lines Inc.
kicked off the sector’s reporting season last week, with the carrier reporting revenue significantly above the same period in 2019. The carrier also gave a better-than-expected fourth-quarter outlook. Delta shares rose 0.97% on Thursday.
Shares of JetBlue Airways Corp.
which reports its third-quarter numbers on Oct. 25., rose 1.31% on Thursday.
Alaska Air Group Inc.
also reported third-quarter results before market open on Thursday, boosted by what the carrier’s CEO described as the busiest travel season in two years. The company’s third-quarter revenue was $2.828 billion, compared with $1.953 billion in the same period last year. Analysts surveyed by FactSet had projected sales of $2.819 billion.
However, after gaining pre-market, the company’s stock fell 4.01% on Thursday. Alaska Air earned 31 cents a share on net income of $40 million, compared with earnings of $1.53 a share on net income of $194 million in the prior year’s quarter. Excluding items, the carrier earned $2.53 a share on net income of $325 million, compared with earnings of $1.47 a share and net income of $187 million in the year ago quarter. Analysts were looking for earnings of $2.39 a share and net income of $303 million, according to FactSet data.