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AMERICAN AIRLINES GROUP INC.

(AAL)
  Report
Delayed Nasdaq  -  04:00 2022-12-02 pm EST
13.97 USD   -0.07%
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Major U.S. airlines in no rush to resume stock buybacks as ban ends

10/03/2022 | 03:28pm EST
FILE PHOTO: A Delta Air Lines plane takes off from Sydney Airport in Sydney

(Reuters) - Major U.S. airlines said on Monday they have no immediate plans to resume stock buybacks after a Congress-imposed ban expired last month, amid pressure from unions to boost worker pay and fix operational issues.

"Our highest financial priorities right now are restoring our balance sheet and investing in our employees and customers," United Airlines said in an emailed statement.

The carrier plans to take delivery of nearly 300 new aircraft over the next several years.

As air travel roars back, airlines are also prioritizing on debt reduction following a borrowing binge during the pandemic.

The big three national carriers - American Airlines, United and Delta Air Lines - had a combined $85 billion in net long-term debt at the end of the second quarter.

Cost pressures due to a shortage of workers and mounting economic worries have also sparked investor concerns on carriers' ability to repair balance sheets, likely limiting room for capital returns.

"Delta's top financial priority is restoring its financial foundation by generating sustained and meaningful profitability and cash flow to support debt reduction and reinvestment in the business," the airline said.

American Airlines pointed to chief financial officer Derek Kerr's interview in August to The Associated Press, when he said the carrier had no plans to do any share repurchases and all of its excess liquidity would be used to pay off debt.

As part of the federal COVID-19 relief package, airlines had been prohibited from buying back their shares. The ban had expired on Sept. 30.

Airline unions, representing hundreds of thousands of workers, had launched a public campaign against stock buybacks in August. Some U.S. lawmakers are also pressing airlines not to resume stock buybacks.

Delta, American and United Airlines are schedule to report earnings in the next few weeks.

(Reporting by Priyamvada C and Abhijith Ganapavaram in Bengaluru; Editing by Krishna Chandra Eluri)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. -0.07% 13.97 Delayed Quote.-22.22%
DELTA AIR LINES, INC. 0.93% 35.71 Delayed Quote.-8.62%
UNITED AIRLINES HOLDINGS, INC. 0.00% 43.89 Delayed Quote.0.25%
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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 -29,2x
Yield 2022 -
Capitalization 9 079 M 9 079 M -
EV / Sales 2022 0,77x
EV / Sales 2023 0,70x
Nbr of Employees 129 700
Free-Float 98,8%
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Technical analysis trends AMERICAN AIRLINES GROUP INC.
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 13,97 $
Average target price 16,53 $
Spread / Average Target 18,3%
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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
Sector and Competitors