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AMERICAN AIRLINES GROUP INC.

(AAL)
  Report
Delayed Nasdaq  -  04:00 2022-12-08 pm EST
13.60 USD   +0.37%
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JetBlue CEO defends American alliance in U.S. antitrust trial

09/28/2022 | 12:12pm EST
Antitrust lawsuit against American Airlines and Jet BLue is held in Boston

WASHINGTON (Reuters) - JetBlue Chief Executive Robin Hayes staunchly defended his company's alliance with larger rival American Airlines on Wednesday, denying the U.S. government's allegations that the agreement would defang the low-cost carrier.

The U.S. Justice Department, six states and the District of Columbia are urging a federal judge in Boston to force the two carriers to scrap their Northeast Alliance (NEA), calling it a "de facto merger" of their Boston and New York operations in which they coordinate flights and pool revenue to the detriment of travelers, who face $700 million in extra annual costs.

Hayes said that JetBlue did not consult with American on pricing in the northeast or anywhere else, and did not pull its punches in competing with American. "Outside of the NEA, we are full-blooded competitors," he testified before Judge Leo Sorokin, who will decide the case.

Hayes said JetBlue had been interested in joining the alliance to fend off competition from Delta Air Lines in Boston and to expand in congested New York area airports.

For example, he said, JetBlue had 150 or 160 departures a day at JFK before the alliance but is now up to about 200, using what had been American slots.

"We entered the Northeast Alliance because it will allow JetBlue to accelerate our business model in the northeast," he said, adding that JetBlue, which has a reputation in the industry of being a disruptor, had no plans to change.

JetBlue also has a plan in place to buy low cost rival Spirit SAVE.N, a deal that is expected to face a tough antitrust review.

Airline mergers in recent years have led to a highly consolidated industry, in which American, Delta, United and Southwest Airlines control over 80% of domestic travel, the government has said.

(Reporting by Diane Bartz; Editing by Josie Kao)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. 0.37% 13.6 Delayed Quote.-24.28%
DELTA AIR LINES, INC. -2.33% 33.53 Delayed Quote.-14.20%
JETBLUE AIRWAYS CORPORATION -2.86% 7.47 Delayed Quote.-47.54%
SOUTHWEST AIRLINES CO. -0.85% 37.49 Delayed Quote.-11.74%
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Analyst Recommendations on AMERICAN AIRLINES GROUP INC.
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Financials (USD)
Sales 2022 48 485 M - -
Net income 2022 -267 M - -
Net Debt 2022 28 398 M - -
P/E ratio 2022 -28,5x
Yield 2022 -
Capitalization 8 839 M 8 839 M -
EV / Sales 2022 0,77x
EV / Sales 2023 0,69x
Nbr of Employees 129 700
Free-Float 98,8%
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 13,60 $
Average target price 16,34 $
Spread / Average Target 20,2%
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Managers and Directors
Robert D. Isom Chief Executive Officer & Director
Derek J. Kerr Chief Financial Officer & Executive Vice President
William Douglas Parker Chairman
Ganesh Jayaram Executive VP, Chief Digital & Information Officer
David G. Seymour Chief Operating Officer & Senior Vice President
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