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

AMERICAN AIRLINES GROUP INC.

(AAL)
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American Airlines : Airline's Envoy to close New York City bases, memo shows

09/10/2020 | 02:57pm EST
FILE PHOTO: American Airlines planes are parked at the gate during the coronavirus disease (COVID-19) outbreak  in Washington

American Airline's wholly-owned carrier Envoy is closing its bases at La Guardia and John F. Kennedy airports in New York, the regional airline told employees in a memo on Thursday, as the industry grapples with a plunge in passengers due to the pandemic.

An Envoy spokeswoman confirmed the plan that will affect flight crew and maintenance teams at the New York bases, which have been closed since March due to COVID-19.

Envoy, one of three regional carriers owned by American, did not say whether any jobs were at risk because of the closure.

"It is important not to draw any conclusions about other American Eagle carriers and their operations due to this announcement," Envoy's Dee Temples said in the memo, which was seen by Reuters.

American did not immediately comment.

Legacy carriers like American, which for years relied on regional carriers to feed traffic from smaller cities to international destinations, had already shown signs of wanting to move away from small 50-seat jets like those flown by Envoy, but the crisis has accelerated some of those plans.

The announcement follows news in July that American was teaming up with JetBlue Airways to boost flying options in New York and Boston.

Under that agreement, American is expected to shift some JFK and LaGuardia airport slots to JetBlue and in return JetBlue will help feed traffic to American's international destinations next year.

The regional carrier said in July it had issued just over 2,000 warnings of potential furloughs as the airline industry adjusts to a sharp downturn and the end of federal aid that so far has kept aviation workers on payroll until Sept. 30.

By Tracy Rucinski


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. 0.99% 14.27 Delayed Quote.-50.24%
JETBLUE AIRWAYS CORPORATION 2.19% 15.42 Delayed Quote.-19.39%
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Financials (USD)
Sales 2020 17 193 M - -
Net income 2020 -9 180 M - -
Net Debt 2020 31 669 M - -
P/E ratio 2020 -0,74x
Yield 2020 0,82%
Capitalization 7 808 M 7 808 M -
EV / Sales 2020 2,30x
EV / Sales 2021 1,51x
Nbr of Employees 110 500
Free-Float 99,1%
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Technical analysis trends AMERICAN AIRLINES GROUP INC.
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Mean consensus UNDERPERFORM
Number of Analysts 21
Average target price 10,89 $
Last Close Price 14,27 $
Spread / Highest target 68,2%
Spread / Average Target -23,7%
Spread / Lowest Target -93,0%
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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