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

AMERICAN AIRLINES GROUP INC.

(AAL)
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U.S. airlines making push for new round of payroll assistance

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07/31/2020 | 02:33pm EDT

(New throughout, adds details on American, other companies)

CHICAGO/WASHINGTON, July 31 (Reuters) - Major U.S. airlines are pressing U.S. lawmakers for a six-month extension of the $32 billion U.S. payroll support program for airlines, airports and contractors set to expire in September, warning that some flights may disappear otherwise and more jobs are at risk.

Southwest Airlines Chief Executive Gary Kelly said in a video message to employees the company backs the effort.

"We’re in lockstep with our industry organization – Airlines For America – ... in support of the labor unions' efforts," Kelly said in the video, which was viewed by Reuters. "I am personally involved in delivering that message to our federal leaders."

Kelly also wants lawmakers to extend a ticket tax holiday and pass other tax breaks that give Americans incentives to travel "because without customers and places and events for them to fly to -- we'll never punch our way out of this crisis."

Airline industry executives have privately told lawmakers they may need to halt some flights because of depressed travel. The payroll funding required them to maintain minimum service levels through Sept. 30.

On Friday, American Airlines subsidiary PSA warned that based on American's October schedule, it may need to furlough another 230 pilots and flight attendants on top of the 1,000 potential furloughs announced this month.

This week, 223 U.S. House lawmakers called for a six-month extension of the payroll aid program they called crucial to keeping hundreds of thousands of aviation workers employed through March 31.

Congress awarded $25 billion in payroll assistance to U.S. passenger airlines in March, along with $4 billion for cargo carriers and $3 billion for airport contractors. Most of the bailout funds do not have to be paid back.

When the first package was approved, large U.S. airlines hoped for demand to recover by October. But with a resurgent pandemic, airline executives warn demand is stalling again. Between American Airlines and United Airlines, more than 60,000 frontline workers have received warnings that their jobs are on the line. (Reporting by Tracy Rucinski Editing by Chris Reese and David Gregorio)


Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. 1.91% 12.8 Delayed Quote.-55.37%
SOUTHWEST AIRLINES 0.78% 40.16 Delayed Quote.-25.60%
UNITED CONTINENTAL HOLDINGS, INC. 1.58% 36.06 Delayed Quote.-59.06%
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Financials (USD)
Sales 2020 16 882 M - -
Net income 2020 -8 432 M - -
Net Debt 2020 30 688 M - -
P/E ratio 2020 -0,65x
Yield 2020 0,93%
Capitalization 6 510 M 6 510 M -
EV / Sales 2020 2,20x
EV / Sales 2021 1,33x
Nbr of Employees 107 400
Free-Float 98,9%
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Technical analysis trends AMERICAN AIRLINES GROUP INC.
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 19
Average target price 11,66 $
Last Close Price 12,80 $
Spread / Highest target 111%
Spread / Average Target -8,94%
Spread / Lowest Target -92,2%
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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