American Airlines projects a pre-tax loss, excluding special items, in the range of 21.3% to 22.6% for the first quarter
As demand returns, carriers are shelling out more to attract new staff as well as retain the existing crew amid looming worker shortage. Rising jet fuel prices around the world caused by Ukraine crisis are also impacting these carriers.
American projects a pre-tax loss, excluding special items, in the range of 21.3 per cent to 22.6 per cent for the first quarter. The carrier said it expects its CASM to be up between 12 per cent and 13 per cent versus 11 per cent and 13 per cent predicted last month, excluding costs related to fuel and net special items. Overall CASM is estimated to be at least 16 per cent higher than in the first quarter of 2019.The airline raised its jet fuel expenses for the quarter. It now expects to pay an average of between $2.80 and $2.85 per gallon, higher than its previous estimate of $2.73 and $2.78 per gallon.
Meanwhile, American expects quarterly total revenue to fall about 16 per cent compared to pre-pandemic levels, as inflationary pressures impact consumer demand. Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.
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