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MarketScreener Homepage  >  Equities  >  Nasdaq  >  United Continental Holdings Inc    UAL

UNITED CONTINENTAL HOLDINGS INC

(UAL)
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American Airlines extends Boeing 737 MAX cancellations for fourth time

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07/14/2019 | 10:30am EDT
People walk past an American Airlines logo at John F. Kennedy (JFK) airport in in New York

(Reuters) - American Airlines Group Inc said on Sunday it is extending for a fourth time cancellations of about 115 daily flights into early November due to the ongoing grounding of the Boeing Co 737 MAX jets.

The airline's decision was expected after the Federal Aviation Administration, which must reapprove the jets for flight following two fatal crashes, last month uncovered a new flaw that Boeing estimates will take until at least September to fix.

"American Airlines remains confident that impending software updates to the Boeing 737 MAX, along with the new training elements Boeing is developing in coordination with our union partners, will lead to recertification of the aircraft this year," the airline said in a statement on Sunday.

American, the world's largest airline and the second largest MAX operator in the United States, most recently had planned to keep the MAX, which it used on most flights between New York's LaGuardia airport and Miami, off its schedule through Sept. 3. It has been substituting other aircraft for its busiest flights while cancelling others and temporarily suspending direct flights between Oakland, California, and Dallas-Fort Worth.

Some analysts have said they do not expect the MAX jets to fly again before the end of the year.

American, with 24 737 MAX aircraft and dozens more on order, is scheduling without the jets through Nov. 2.

Among other U.S. MAX carriers, Southwest Airlines Co has removed the aircraft from its scheduling through Oct. 1, and United Airlines Holdings until Nov. 3. Southwest is the world's largest MAX operator.

The 737 MAX, which had been Boeing's fastest-selling aircraft thanks to its fuel-efficient engines and longer ranger, was grounded worldwide in March after an Ethiopian Airlines plane plunged to the ground soon after take-off, five months after a similar Lion Air fatal crash off the coast of Indonesia.

Boeing hopes a software upgrade and new pilot training will add layers of protection to prevent erroneous data from triggering a system called MCAS, which was activated in both the planes before they crashed.

American, which is also grappling with cancellations related to a labour dispute with its mechanics, is due to report second-quarter results later this month, with an expected rise in unit revenues as capacity constraints mean its planes are flying fuller.

However, the airline cut its annual profit forecast in April, blaming an estimated $350 million hit from the MAX groundings.

American's chief executive, Doug Parker, has been among the most vocal supporters of the MAX aircraft, saying on June 12 that it was "highly likely" flights would resume by mid-August.

(Reporting by Tracy Rucinski; Editing by Leslie Adler)

By Tracy Rucinski

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP -2.81% 33.26 Delayed Quote.3.58%
BOEING COMPANY (THE) 1.87% 369.52 Delayed Quote.12.48%
SOUTHWEST AIRLINES -1.84% 52.3 Delayed Quote.12.52%
UNITED CONTINENTAL HOLDINGS INC 0.92% 94.78 Delayed Quote.13.20%
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Financials (USD)
Sales 2019 43 223 M
EBIT 2019 4 368 M
Net income 2019 2 962 M
Debt 2019 12 786 M
Yield 2019 -
P/E ratio 2019 8,39x
P/E ratio 2020 7,93x
EV / Sales2019 0,87x
EV / Sales2020 0,78x
Capitalization 24 939 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 106,78  $
Last Close Price 94,78  $
Spread / Highest target 47,7%
Spread / Average Target 12,7%
Spread / Lowest Target -14,5%
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Managers
NameTitle
Oscar Munoz Chief Executive Officer & Director
J. Scott Kirby President
Jane C. Garvey Non-Executive Chairman
Gregory L. Hart Chief Operating Officer & Executive Vice President
Gerald Laderman Chief Financial Officer & Executive Vice President
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