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

AMERICAN AIRLINES GROUP INC.

(AAL)
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U.S. grants tentative OK for 15 air carriers to suspend service to 75 airports

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05/22/2020 | 08:46pm EDT
FILE PHOTO: A United Airlines passenger jet takes off with New York City as a backdrop

By David Shepardson

The U.S. Transportation Department said late on Friday it had granted tentative approval to 15 airlines to temporarily halt service to 75 U.S. airports because of the coronavirus pandemic.

Airlines must maintain minimum service levels in order to receive government assistance but many have petitioned to stop service to airports with low passenger demand.

Both United Airlines and Delta Air Lines won tentative approval to halt flights to 11 airports, while JetBlue Airways Corp, Alaska Airlines and Frontier Airlines were approved to stop flights to five airports each. The department said all airports would continue to be served by at least one air carrier.

The Transportation Department said objections to the order can be filed until May 28.

U.S. air carriers are collectively burning through more than $10 billion in cash a month as travel demand remains a fraction of prior levels, even though it has rebounded slightly in recent weeks. They have parked more than half of their planes and cut thousands of flights.

The department has previously granted airlines waivers to cancel some additional flights and denied others. On May 12, the department said it would allow carriers to halt flights to up to 5% of required destinations.

Under the tentative order, Delta can halt service to Aspen, Colorado; Bangor, Maine; Flint, Michigan; Santa Barbara, California; and Lincoln, Nebraska, among other cities, while United can halt service to airports including Chattanooga, Tennessee; Hilton Head and Myrtle Beach, South Carolina; Key West, Florida; and Lansing and Kalamazoo, Michigan.

JetBlue can halt flights to Albuquerque, New Mexico;

Palm Springs and Sacramento, California; Sarasota, Florida; and Worcester, Massachusetts.

Alaska can suspend flights to Charleston, South Carolina;

Columbus, Ohio; El Paso and San Antonio, Texas; and New Orleans.

Only half of eligible carriers have applied to cut more flights.

(Reporting by David Shepardson; Editing by Leslie Adler and Sonya Hepinstall)

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. 41.10% 16.72 Delayed Quote.-41.64%
JETBLUE AIRWAYS CORPORATION 15.53% 13.02 Delayed Quote.-30.45%
UNITED AIRLINES HOLDINGS, INC. 16.20% 39.1 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 -1,01x
Yield 2020 0,93%
Capitalization 7 071 M 7 071 M -
EV / Sales 2019
EV / Sales 2020 1,74x
Nbr of Employees 131 500
Free-Float 98,8%
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Technical analysis trends AMERICAN AIRLINES GROUP IN
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TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 19
Average target price 11,23 $
Last Close Price 16,72 $
Spread / Highest target 61,5%
Spread / Average Target -32,8%
Spread / Lowest Target -94,0%
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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