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

AMERICAN AIRLINES GROUP INC.

(AAL)
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Major airlines urge U.S. Treasury to disburse assistance quickly

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03/29/2020 | 11:30pm EDT
FILE PHOTO: Airplanes are seen parked through a rain soaked window at their gates during a winter nor'easter at LaGuardia Airport in New York

Major U.S. airlines asked the U.S. Treasury to move quickly to release up to $58 billion in government grants and loans and recommended a formula to divide up the money.

In a letter dated Saturday and seen by Reuters, carriers wrote that "given the urgent and immediate need, it is essential that these funds be disbursed as soon as possible."

The letter was signed by the chief executives of American Airlines, Delta Air Lines, United Airlines, Alaska Air Group, JetBlue Airways Corp, Southwest Airlines Co, Hawaiian Airlines and Atlas Air Worldwide. It was also signed by senior executives at UPS Corp and FedEx and the head of an airline trade association.

The $2.2 trillion stimulus and assistance legislation signed into law Friday by President Donald Trump gives passenger airlines $25 billion in cash assistance to cover payroll costs and $25 billion in loans, while cargo carriers are eligible for $4 billion in grants and $4 billion in loans.

Airlines had threatened to quickly start laying off tens of thousands of workers within days if they did not get a bailout. Treasury faces an April 1 deadline to issue procedures to airlines to apply for grants.

The airlines said Treasury should allocate grants in accordance with salaries and benefits paid by carriers from April 1 through Sept. 30, 2019 and filed with the U.S. Transportation Department.

The letter suggested the loans be divided by each passenger carrier's pro rata share of "system available seat miles" for 2019 operations. For cargo carriers it said the loans should be divided by "revenue ton miles" for 2019 operations.

Treasury did not respond Sunday to a request for comment on the letter.

The carriers' letter said executives looked forward to meeting with Treasury "to discuss the specific terms" but wanted to "make clear that we are speaking with one voice when we propose these formula allocations."

According to 2019 stock market filings for the top publicly-traded U.S. carriers, American Airlines paid the most in salaries and benefits at about $6.4 billion over a six-month period.

It was followed by United Airlines, Delta, Southwest, Alaska Airlines, JetBlue, Spirit Airlines and Hawaiian.

United, which flies long Asia-Pacific routes, recorded the most available seat miles (ASMs) at about 285,000 in 2019, followed by Delta, American, Southwest, Alaska, JetBlue, Spirit and Hawaiian.

American said last week it believed it was eligible for $12 billion in U.S. loans and grants.

By David Shepardson

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. -4.37% 10.5 Delayed Quote.-63.39%
ATLAS AIR WORLDWIDE HOLDINGS, INC. 0.41% 39.06 Delayed Quote.41.68%
BYD COMPANY LIMITED -1.47% 43.5 End-of-day quote.11.97%
HAWAIIAN HOLDINGS, INC. -2.83% 14.43 Delayed Quote.-50.73%
JETBLUE AIRWAYS CORPORATION -0.98% 10.07 Delayed Quote.-46.21%
UNITED AIRLINES HOLDINGS, INC. -2.94% 28.04 Delayed Quote.-68.17%
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Financials (USD)
Sales 2020 21 168 M - -
Net income 2020 -7 262 M - -
Net Debt 2020 29 663 M - -
P/E ratio 2020 -0,63x
Yield 2020 1,48%
Capitalization 4 440 M 4 440 M -
EV / Sales 2019
EV / Sales 2020 1,61x
Nbr of Employees 131 500
Free-Float 98,8%
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Technical analysis trends AMERICAN AIRLINES GROUP IN
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Average target price 11,23 $
Last Close Price 10,50 $
Spread / Highest target 157%
Spread / Average Target 6,96%
Spread / Lowest Target -90,5%
EPS Revisions
Managers
NameTitle
William Douglas Parker Chairman & Chief Executive Officer
Robert D. Isom President
David G. Seymour Senior Vice President-Operations
Derek J. Kerr Chief Financial & Accounting Officer, Executive VP
Maya Leibman Chief Information Officer & Executive VP
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ALLEGIANT TRAVEL COMPANY-38.78%1 695
CHINA EXPRESS AIRLINES CO.,LTD8.78%1 115
PEGASUS HAVA TASIMACILIGI AS--.--%900