American Airlines Group Inc. shares surged 3% in premarket trade Friday, after the company beat profit estimates for the second quarter. The airline said it had net income of $803 million, or $1.63 a share, in the quarter, down from $950 million, or $1.68 a share, in the year-earlier period. Adjusted per-share earnings came to $1.92, ahead of the FactSet consensus of $1.85. Revenue rose to $11.1 billion from $10.4 billion, matching the FactSet consensus of $11.1. billion. Chief Executive Doug Parker said the company is "enthusiastic about our prospects for the second half of 2017, as well as 2018 and beyond." The company said it had strong passenger yield in the U.S., Central American, South American and Caribbean regions. Cargo revenue rose 13% to $196 million, while total revenue per available seat mile rose 5.7% on a 1.4% rise in total available seat miles. Shares have gained 7% in 2017, while the S&P 500 has gained 11%.
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