: American Airlines stock falls toward 3-year low as revenue comes up shy, while adjusted profit beats

Shares of American Airlines Group Inc. AAL fell 0.5% toward a three-year low in premarket trading Thursday, after the air carrier beat third-quarter adjusted profit expectations but came up a bit shy on revenue and load factor. The company swung to a net loss of $545 million, or 83 cents a share, from net income of $483 million, or 69 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 38 cents beat the FactSet consensus of 25 cents. Revenue grew 0.1% to a record $13.48 billion, amid a “resilient demand environment” and record credit card and travel rewards program revenue, but was below the FactSet consensus of $13.51 billion. Load factor fell to 84.0% from 85.3%, missing the FactSet consensus of 85.3%, as capacity increased 6.9% to 73.29 billion available seat miles while traffic rose 5.2% to 61.56 billion revenue passenger miles. The stock has tumbled 38.9% over the past three months through Wednesday, while the U.S. Global Jets ETF JETS has dropped 29.6% and the S&P 500 SPX has shed 5.5%.

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