American Airlines beats by $0.06, reports revs in-line; announces new $2 bln nuyback
- Reports Q1 (Mar) earnings of $1.25 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $1.19; revenues fell 4.0% year/year to $9.44 bln vs the $9.44 bln Capital IQ Consensus, on a 3.6 percent increase in total available seat miles (ASMs).
- Consolidated passenger revenue per ASM (PRASM) was 12.43 cents, down 7.5%. Consolidated passenger yield was 15.62 cents, down 7.1 percent year-over-year.
- Co lowered PRASM to down 7-8% from down 6-8% on April 11
- Pretax margin 12.9% vs. 12-14% guidance.
- Company returned more than $1.6 billion to its stockholders through the payment of $61 million in quarterly dividends and the repurchase of $1.6 billion of common stock, or 39.3 million shares, at an average price of $39.76 per share.
- The Company's Board of Directors has authorized a new $2.0 billion share repurchase program that will expire at the end of 2017. Since the Company began its capital return program, the Company's Board of Directors has authorized a total of $9.0 billion of share repurchases.
- Co will issue guidance on the call at for Q2 on the call at 8:30.