REUTERS: American Airlines Group Inc cut its 2019 profit forecast on Friday, saying it expected to take a US$350 million hit from the grounding of Boeing's 737 MAX planes, a situation that cuts revenue while many costs remain in place.
It said the financial impact is disproportionate as most of the revenue during its busy summer travel season is lost while the vast majority of the costs remain in place. The airline reported first-quarter net income of US$185 million, or 41 cents per share, compared with US$159 million, or 34 cents per share, a year earlier.
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