REUTERS: American Airlines Group Inc cut its 2019 profit forecast on Friday, blaming an estimated US$350 million hit from the grounding of Boeing's 737 MAX planes, but said it was confident that the jets would start flying again before mid-August.
While American's daily summer cancellations over the MAX only represent about 2 percent of its flight capacity, it said, the financial impact is disproportionate as revenue during its busy summer travel season is lost while the vast majority of 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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