Shares of American Airlines Group Inc. AAL,
rose 54.5% on Thursday towards an 11-month high in pre-trading, after the airline reported a narrower loss than expected quarterly loss, and a revenue and load factor that beat expectations. The company attributed a net loss of $ 2.18 billion, or $ 3.81 per share, to a net income of $ 414 million, or 95 cents per share, in the previous year. Excluding non-recurring items, the adjusted loss per share was $ 3.86, which exceeded the FactSet loss of $ 4.11. Revenue fell 64% to $ 4.03 billion, beating the $ 3.88 billion FactSet consensus. The cargo factor dropped to 63.4% from 84.7%, above the FactSet consensus of 62.9%, as traffic decreased 66.7% while capacity decreased by 55.4%. The daily cash burn rate during the quarter was $ 30 million, compared to nearly $ 100 million in April. The company expects to end the first quarter with $ 15.0 billion in total available liquidity. “If we look at the year ahead, 2021 will be a year of recovery,” said Doug Parker, chief executive. “While we do not know exactly when the demand for passengers will return, as the distribution of vaccines takes hold and travel restrictions are lifted, we will be ready.” The stock has risen 51.2% over the past three months to Wednesday, while the US Global Jets ETF JETS,
climbed 29.5% and the S&P 500 SPX,
achieved 14.7%.
