American Airlines warned in August that third-quarter costs would rise following a new labour deal with its pilots that included more than $9.6-billion in total pay and benefits increases over four years
on Thursday cut its 2023 forecast for adjusted profit as it struggles to overcome the impact of higher jet fuel prices and expensive labour contracts, sending its shares down about 1.5 per cent in premarket trading.
Rising costs as well as early signs of moderating domestic travel demand have sparked worries about the industry’s profitability path, sparking a sell-off in airline stocks and prompting analysts to slash their earnings estimates.
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