American Airlines Shares Rise After Earnings Beat Estimates

American Airlines Group Inc. shares rose 2.5% in Thursday premarket trading after the company announced third-quarter earnings that beat estimates. The airline had net income of $737 million, or $1.49 cents per share, down from $1.69 billion, or $2.49 per share, for the same period last year. Adjusted per share earnings were $2.80, beating the FactSet consensus of $1.69. Revenue was $10.59 billion, down from $10.71 billion and beating the FactSet consensus of $10.55 billion. During the quarter, American launched nonstop service between Los Angeles International Airport and Hong Kong, and began the company's first regularly-scheduled flights to Cuba, with nonstop service from Miami to Cienfuegos and Holguin. Service to Havana begins in November. American shares are down 4.1% for the year so far, while the S&P 500 Index is up nearly 5% for the same period.