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MarketScreener Homepage  >  Equities  >  Nasdaq  >  American Airlines Group Inc.    AAL

AMERICAN AIRLINES GROUP INC.

(AAL)
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United Airlines extends cancellations of Boeing 737 MAX flights into August

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05/24/2019 | 03:41pm EDT
FILE PHOTO: United Airlines planes, including a Boeing 737 MAX 9 model, are pictured at George Bush Intercontinental Airport in Houston

CHICAGO/SEATTLE (Reuters) - United Airlines said on Friday it is extending by one month its cancellations of Boeing Co 737 MAX flights, through Aug. 3, as the jetliner remains grounded following two fatal crashes.

United, which operates 14 737 MAX jets, said the decision would lead to about 40 or 45 daily cancelled flights.

The Chicago-based carrier joins rivals Southwest Airlines Co and American Airlines Group Inc which had already suspended 737 MAX flights into August as global carriers await regulatory approval for the aircraft to fly again.

The worldwide grounding in March of Boeing's fast-selling aircraft followed a crash in Indonesia and another in Ethiopia that killed a combined 346 people.

Since the grounding, U.S. airlines have had to readjust schedules and come up with solutions in order to meet demand during the busy summer travel season.

Reuters reported on Thursday that the Federal Aviation Administration expects to approve the 737 MAX jet to return to service as soon as late June, according to people familiar with the matter.

Even so, FAA acting administrator Dan Elwell told reporters on Thursday after a meeting with international air regulators in Texas that he would not assign a specific date for the U.S. approval.

Once regulators approve the 737 MAX jets for flight, each aircraft will likely require between 100 and 150 hours of preparation before flying, in addition to pilot training, Reuters also reported on Thursday.

United, whose parent company is United Continental Holdings Inc, was due to take delivery of 16 more MAX jets this year before the grounding.

"We'll continue to monitor the regulatory process and nimbly make the necessary adjustments to our operation and our schedule to benefit our customers who are travelling this summer," a United spokesman said in a statement on Friday.

Separately, United said on Friday it had launched a management overhaul at Colombia's cash-strapped Avianca Holdings, with which it is pursuing a three-way tie up with Panama's Copa.

The move, which removes Avianca's top shareholder, German Efromovich, from control and hands it to a third party, follows a default by his holding company on a $456 million loan from United.

United has been seeking to expand in Latin America, which is considered ripe for air travel growth.

Shares of United were little changed on Friday afternoon at $80.95.

(Reporting by Eric M. Johnson in Seattle and Tracy Rucinski in Chicago; Editing by Matthew Lewis)

By Tracy Rucinski and Eric M. Johnson

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. 1.04% 28.22 Delayed Quote.-12.11%
BOEING COMPANY (THE) -6.79% 344 Delayed Quote.14.44%
SOUTHWEST AIRLINES -0.71% 53.48 Delayed Quote.15.06%
UNITED AIRLINES HOLDINGS, INC. 0.70% 90.085 Delayed Quote.7.59%
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Financials (USD)
Sales 2019 45 960 M
EBIT 2019 3 722 M
Net income 2019 2 073 M
Debt 2019 24 808 M
Yield 2019 1,45%
P/E ratio 2019 6,28x
P/E ratio 2020 5,02x
EV / Sales2019 0,81x
EV / Sales2020 0,75x
Capitalization 12 566 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 36,89  $
Last Close Price 28,22  $
Spread / Highest target 94,9%
Spread / Average Target 30,7%
Spread / Lowest Target -15,0%
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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
Kevin Brickner Senior Vice President-Technical Operations