American Airlines' third-quarter earnings top estimates, but costs from Boeing 737 Max grounding grow

The airline said it expects the grounding, now in its eighth month, will cost it about $540 million in pretax income this year. In July, the carrier forecast a $400 million hit to pretax earnings this year because of the grounding.

American slightly lowered its full-year earnings forecast by 50 cents at the top end to a forecast range of $4.50 and $5.50. Its shares were down about 1% in premarket trading. American removed the Max planes from its schedules until mid-January as regulators haven't yet signed off on Boeing's fixes to the troubled jets.

Regulators grounded the planes worldwide after two fatal crashes — one in Indonesia in October 2018 and another, less than five months later, in Ethiopia. Regulators haven't said when they will allow the jets to fly again. They haven't yet approved software changes Boeing made for the planes after a flight control system was implicated in both crashes.

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Source: CNBC - 🏆 12. / 72 Read more »

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