Why American Airlines Stock Is Taking Off Today
American Airlines Group (NASDAQ: AAL) easily surpassed earnings expectations for the fourth quarter and provided upbeat guidance about 2024. Investors are jumping on board, sending shares of American up nearly 11% as of 1 p.m. ET Thursday.
U.S. travelers have been packing airlines and airports since the end of the pandemic, and American saw no sign of a slowdown in the last three months of 2023. American earned $0.29 per share in the fourth quarter on revenue of $13.06 billion, topping Wall Street's $0.10 per share in earnings on sales of $13.02 billion estimate.
The company generated nearly $53 billion in revenue for the year, a record, recording full-year free cash flow of $1.8 billion. American also reduced its debt by $3.2 billion in 2023 and is now more than 75% of the way toward its 2025 debt reduction goal.
Source Fool.com
