AMERICAN AIRLINES GROUP INC.

(AAL)
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Delayed Nasdaq  -  04:00 2022-08-09 pm EDT
14.62 USD   -2.66%
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Millions hit the road for U.S. Fourth of July holiday

07/01/2022 | 11:42am EDT
Travelers at Logan Airport ahead of the July 4th holiday weekend in Somerville

NEW YORK (Reuters) - The number of people traveling by car and airplane for the Fourth of July holiday is expected to climb near pre-pandemic levels, a test for U.S. airlines that have struggled with inadequate staffing and flight cancellations this summer.

The easing of COVID-19 restrictions and bottled-up travel demand are translating into the strongest summer since the pandemic for U.S. carriers.

But so far the season has been marred by chaos, with more than 20,000 flight cancellations as U.S. airlines struggle with pilot staffing shortages that have persisted since 2020.

AAA, an auto membership group, expects 47.9 million people will travel 50 miles or more from home over the holiday weekend spanning June 30 to July 4. That is up 3.7% over 2021 and close to pre-pandemic levels.

The bulk of U.S. travelers will be driving, but 3.55 million are expected to fly, AAA said.

Operations at New York-area airports were so far running relatively smoothly on Friday, with no major disruptions reported.

Airlines so far delayed 1,506 and canceled 238 flights to, from and within the U.S., according to tracking site FlightAware.

The weekend had a busy start. More than 2.4 million travelers on Thursday made their way through the U.S. Transportation Security Agency checkpoints, surpassing 2019 levels and 110% higher when compared to last year's TSA data.

Airlines have taken some measures to improve travel conditions this weekend. Delta Air Lines Inc issued a travel waiver to allow passengers to re-book their flights scheduled this weekend free of charge.

Even so, staffing woes have made it tougher for the airline industry to ramp up its capacity. U.S. airlines have slashed 15% of their summer schedules, according to Airlines for America, a trade group.

Some travelers are choosing not to take any risks this weekend.

"In past years we have flown to Mount Rushmore for the Fourth of July but this year we're just going to watch our hometown parade and fireworks and be thankful that we're not stuck in an airport," said Missy Buchanan, 70, a resident of Rockwell, Texas.

(Reporting by Doyinsola Oladipo and Gigi Zamora; Editing by Anna Driver and Diane Craft)

By Doyinsola Oladipo and Gigi Zamora


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALLEGIANT TRAVEL COMPANY -6.32% 104.2 Delayed Quote.-40.53%
AMERICAN AIRLINES GROUP INC. -2.66% 14.62 Delayed Quote.-17.93%
DELTA AIR LINES, INC. -1.60% 33.21 Delayed Quote.-15.71%
EXPEDIA GROUP, INC. -1.64% 103.65 Delayed Quote.-41.69%
TRIPADVISOR, INC. 0.44% 24.95 Delayed Quote.-8.88%
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Financials (USD)
Sales 2022 47 886 M - -
Net income 2022 -939 M - -
Net Debt 2022 29 929 M - -
P/E ratio 2022 -10,2x
Yield 2022 -
Capitalization 9 501 M 9 501 M -
EV / Sales 2022 0,82x
EV / Sales 2023 0,77x
Nbr of Employees 129 200
Free-Float 98,8%
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 14,62 $
Average target price 17,60 $
Spread / Average Target 20,4%
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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
Maya Leibman Chief Information Officer & Executive VP
David G. Seymour Chief Operating Officer & Senior Vice President
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