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

AMERICAN AIRLINES GROUP INC.

(AAL)
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Delayed Quote. Delayed Nasdaq - 10/30 04:00:00 pm
11.28 USD   +1.08%
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Two key GOP senators propose $28.8 billion in airline assistance to avoid job cuts

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09/21/2020 | 07:46pm EDT
Senate panel holds hearing on COVID-19 vaccines, in Washington

Two key Republican senators on Monday introduced legislation that would authorize $28.8 billion in payroll assistance to avoid thousands of airline industry layoffs set to begin on Oct. 1.

Senators Roger Wicker, who chairs the Commerce Committee, and Susan Collins, who chairs the appropriations subcommittee overseeing airline issues, introduced the measure that would grant airlines a new bailout days before existing payroll support runs out.

Airlines are making a last-ditch effort to win funding, but face an uphill battle with Congress shifting its attention to the pending Supreme Court vacancy, congressional aides say.

The chief executives of some major U.S. airlines are expected to be on Capitol Hill on Tuesday, urging lawmakers to act, and to make TV appearances on Wednesday, two people briefed on the matter said.

The bill would tap $11.2 billion in new funds and $17.4 billion in funding repurposed from other unspent funds from prior coronavirus relief measures.

Congress in March approved $25 billion in payroll assistance but required airlines not to cut jobs or flights through Sept. 30.

The White House said last week it is also open to a stand-alone measure to aid airlines, though congressional aides say that is unlikely to win passage given aid requests from so many other struggling industries

The Wicker-Collins bill would dedicate $25.5 billion for new passenger airlines and allow smaller airlines to qualify for 15% additional funds versus the initial round.

It would set aside $300 million for cargo carriers and $3 billion for airport contractors.

Airlines for America, a trade group representing American Airlines, Delta Air Lines, United Airlines, Southwest Airlines and others praised the bill.

"These are dire times for the U.S. airline industry. COVID-19 continues to spread and wreak havoc on the U.S. economy, lasting far longer than anyone envisioned," the group said. "We are running out of time to protect the jobs and livelihoods of these men and women."

Major airlines that have shed thousands of employees through voluntary exit programs would be entitled to receive the same payroll support they did in the first round. In April, major airlines qualified for about 75% of payroll costs.

Large airlines were required to repay 30% of grants.

American Airlines said without new aid it plans to end service to 15 small communities and furlough about 19,000 workers.

Air travel has plummeted over the last six months as the coronavirus pandemic has claimed nearly 200,000 American lives and prompted many to avoid airports and planes, seriously depressing airline revenues.

Congress also set aside another $25 billion in government loans for airlines, but many have opted not to tap them.

By David Shepardson


Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. 1.08% 11.28 Delayed Quote.-60.67%
DELTA AIR LINES, INC. -0.39% 30.64 Delayed Quote.-47.61%
HAWAIIAN HOLDINGS, INC. -0.86% 13.85 Delayed Quote.-52.71%
JETBLUE AIRWAYS CORPORATION 3.55% 11.97 Delayed Quote.-36.06%
SOUTHWEST AIRLINES -0.10% 39.53 Delayed Quote.-26.77%
UNITED CONTINENTAL HOLDINGS, INC. 0.86% 33.86 Delayed Quote.-61.56%
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Financials (USD)
Sales 2020 17 310 M - -
Net income 2020 -8 932 M - -
Net Debt 2020 31 184 M - -
P/E ratio 2020 -0,60x
Yield 2020 1,05%
Capitalization 5 737 M 5 737 M -
EV / Sales 2020 2,13x
EV / Sales 2021 1,35x
Nbr of Employees 110 500
Free-Float 98,9%
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Technical analysis trends AMERICAN AIRLINES GROUP INC.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 19
Average target price 11,50 $
Last Close Price 11,28 $
Spread / Highest target 139%
Spread / Average Target 1,95%
Spread / Lowest Target -91,1%
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
Sector and Competitors
1st jan.Capitalization (M$)
AMERICAN AIRLINES GROUP INC.-60.67%5 737
SOUTHWEST AIRLINES-26.77%23 357
JUNEYAO AIRLINES CO., LTD-28.67%3 136
ALLEGIANT TRAVEL COMPANY-22.57%2 149
CHINA EXPRESS AIRLINES CO.,LTD43.23%1 762
VIETNAM AIRLINES-26.37%1 519