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AMR Posts 2Q Loss
Company said they lost nearly $400 million
Wednesday, Jul 15, 2009 | Updated 8:45 AM CST
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AMR, the parent company of American Airlines, reported a loss
A drop in travel during the recession pushed American Airlines parent AMR Corp. to a $390 million loss in the second quarter.
AMR said Wednesday that excluding charges related to the sale and grounding of planes, it would have lost $319 million, or $1.14 per share.
That's less than analysts expected. They predicted a loss excluding charges of $1.28 per share, according to a survey by Thomson Reuters.
Revenue dropped 21 percent, to $4.89 billion. AMR said the swine flu outbreak cost it $50 million to $80 million in revenue.
The AMR report was the first from major U.S. carriers covering the April-to-June quarter, usually a good one for travel. But companies have reduced travel due to the recession, and that's hurting the airlines.
Copyright Associated Press
Posted Wednesday, Jul 15, 2009 - 8:27 AM CST
