American Airlines Stock Up 2% After Company Tops Profit Estimates

American Airlines Group shares rose 2.2% in premarket trade Friday, after the carrier reported stronger-than-expected third-quarter earnings. The company said it had net income of $1.7 billion, or $2.49 a share, in the quarter, up from $942 million, or $1.28 a share, in the year-earlier period. Adjusted EPS came to $2.77, ahead of the FactSet consensus of $2.72. Revenue fell 3.9% to $10.7 billion, matching the FactSet consensus, as total available seat miles fell 2.9%. Operating costs fell 11.9% to $8.7 billion, thanks to a 43.5% decline in fuel costs. The company said it's board has approved an additional $2 billion share buyback, to be completed by the end of 2016. Shares have fallen 14% in the year to date, while the S&P 500 is down 0.3%.