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MarketScreener Homepage  >  Equities  >  Nasdaq  >  American Airlines Group    AAL

AMERICAN AIRLINES GROUP

(AAL)
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Airlines wrestle with calls, cancellations after Boeing MAX fleet grounded

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03/14/2019 | 03:47pm EDT
WestJet airline signage is pictured at Vancouver's international airport in Richmond,

MONTREAL/CHICAGO (Reuters) - U.S. and Canadian carriers wrestled with customer calls and flight cancellations on Thursday after the two countries followed other nations in grounding Boeing's 737 MAX planes because of safety concerns.

Dallas-based Southwest Airlines Co, the largest operator of the 737 MAX in the world with 34 jets, said it was experiencing unusually high call volumes and had canceled 39 MAX flights.

The low-cost carrier, a launch customer of the MAX 8 in 2017, said it was servicing those flights with available 737-700s and 737-800s.

Canada and the United States announced on Wednesday they would ground the MAX planes, citing new satellite data and evidence from the scene of an Ethiopian Airlines plane crash on Sunday that killed 157 people.

American Airlines Group Inc, with 24 MAX 8s, planned to cancel around 85 flights per day as a result of the ban, while servicing some of those flights with other aircraft such as the 737-800.

Air Canada, the country's largest carrier, which operated 24 MAX jets had a message on its customer service line saying that because of "unforeseen circumstances," call volumes temporarily exceeded its capacity to answer or place calls on hold.

Air Canada could not be reached for comment on Thursday. In a statement on Wednesday, the Montreal-based carrier said it operated 75 737MAX flights daily out of a total schedule of approximately 1,600 daily flights system-wide, representing less than six percent of the network's total flying.

WestJet Airlines, Canada's second-largest carrier which operated 13 MAX jets, said it canceled 11 flights on Thursday impacting 1,200 passengers, but would re-book more than three-quarters of them by the end of the day.

According to estimates from the IBA Group, the direct costs to airlines for suspending the MAX would be around $150,000 per day per leased aircraft grounded. Boeing 737 MAX 8 and 9 planes will remain grounded for "weeks" at a minimum until a software upgrade could be tested and installed in all of the planes, U.S. lawmakers said on Thursday.

Southwest and American each said on Thursday they were flying empty MAX aircraft to be parked at different maintenance locations during the ban.

(Reporting By Allison Lampert in Montreal and Tracy Rucinski in Chicago; Editing by Nick Zieminski)

By Allison Lampert and Tracy Rucinski

Stocks mentioned in the article
ChangeLast1st jan.
AIR CANADA -0.58% 39.49 Delayed Quote.53.00%
AMERICAN AIRLINES GROUP -1.40% 29.5 Delayed Quote.-6.82%
BOEING COMPANY (THE) -0.63% 350.55 Delayed Quote.11.24%
SOUTHWEST AIRLINES -3.06% 50.96 Delayed Quote.13.10%
WESTJET AIRLINES LTD. -0.13% 30.14 Delayed Quote.67.67%
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Financials ($)
Sales 2019 46 345 M
EBIT 2019 3 685 M
Net income 2019 2 396 M
Debt 2019 23 615 M
Yield 2019 1,35%
P/E ratio 2019 6,06
P/E ratio 2020 5,39
EV / Sales 2019 0,80x
EV / Sales 2020 0,74x
Capitalization 13 309 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 40,8 $
Spread / Average Target 36%
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Managers
NameTitle
William Douglas Parker Chairman & Chief Executive Officer
Robert D. Isom President
Derek J. Kerr Chief Financial & Accounting Officer, Executive VP
Maya Leibman Chief Information Officer & Executive VP
Craig Barton Vice President-Technical Services
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