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

AMERICAN AIRLINES GROUP INC.

(AAL)
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Senators urge U.S. airlines to issue ticket refunds after bailout

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03/31/2020 | 04:36pm EDT
FILE PHOTO: Delta Air Lines passenger planes parked in Birmingham

Nine Democratic U.S. senators on Tuesday urged the chief executives of 11 major airlines to issue full cash refunds to customers canceling flights during the coronavirus pandemic after Congress approved a massive rescue package for the hard-hit industry.

"We believe your company has a moral responsibility to provide real refunds, not travel vouchers, to consumers, and to support State Department efforts to repatriate any American citizens trying to come home," Senators Ed Markey, Elizabeth Warren, Kamala Harris, Bernie Sanders, Amy Klobuchar, Richard Blumenthal, Chris Murphy, Sheldon Whitehouse and Bob Casey said in the letter.

Most U.S. airlines are temporarily waiving coronavirus-related change and cancellation fees but are not issuing cash refunds.

"Americans need money now to pay for basic necessities, not temporary credits towards future travel," the senators wrote.

Economic stimulus legislation passed by Congress last week included $25 billion in cash grants and $25 billion in loans to the passenger airlines.

"The airline industry got $25 billion to keep workers on payroll ? but they?re not the only ones hurting for money right now," Warren said on Twitter. "I want airlines to provide customers cash refunds, not just travel vouchers, for canceled flights."

American Airlines Group Inc said in response to the letter that the "comprehensive travel waivers we've put in place are designed to meet the full range of our customers' needs."

Southwest Airlines Co and Delta Air Lines Inc, which were also among carriers receiving the letters,- did not immediately comment. United Airlines Holdings Inc said it was reviewing the letter and would respond.

The senators said they wanted the airlines to disclose "the total value of all travel vouchers and credits you have issued during the coronavirus pandemic" as well the total number of flights canceled.

This month, a group representing major airlines warned that a potential 30-day domestic flight ban would require them to repay consumers for all tickets purchased within seven days if the service could not be provided even for non-refundable tickets. That could boost liquidity losses by $7 billion to $10 billion, the group added. No such flight ban has been imposed.

The U.S. State Department said last week it was tracking 50,000 Americans abroad who might seek help to return to the United States during the health crisis and was helping to arrange dozens of flights to assist people in returning.

U.S. airlines are collectively canceling hundreds of thousands of flights. Southwest said on Tuesday it would cut more than 40% of flights from May 3 through June 5 amid a sharp decline in travel demand because of the pandemic.

Other U.S. carriers have said they are cutting 60% or more of their flights, including American, United, Delta and Alaska Airlines.

By David Shepardson

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. 11.18% 18.59 Delayed Quote.-41.64%
LETS HOLDINGS GROUP CO., LTD. -2.43% 11.63 End-of-day quote.92.55%
UNITED AIRLINES HOLDINGS, INC. 8.45% 42.405 Delayed Quote.-55.61%
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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 -1,12x
Yield 2020 0,84%
Capitalization 7 862 M 7 862 M -
EV / Sales 2019
EV / Sales 2020 1,77x
Nbr of Employees 131 500
Free-Float 98,8%
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Technical analysis trends AMERICAN AIRLINES GROUP IN
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 19
Average target price 11,23 $
Last Close Price 18,59 $
Spread / Highest target 45,2%
Spread / Average Target -39,6%
Spread / Lowest Target -94,6%
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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