, American is grappling with the nearly yearlong grounding of the 737 Max. American said it canceled 10,000 flights in the fourth quarter alone., meaning airlines won't have the planes in time for the lucrative summer season.
But the plane's grounding was not American's only problem in 2019. Operational struggles forced it to cancel or delay thousands of flights and investors will be looking for new information on the carrier's recovery when executives brief analysts at 8:30 a.m. "While our results for the quarter reflect this progress, we know there is more work to be done," CEO Doug Parker said in a press release announcing the results. The company will focus on improving its operations, fortifying its hub airports and driving up cash flow, he added.
American reported earnings per share of $1.15 on an adjusted basis, a penny higher than average analysts' estimates compiled by FactSet. The airline expects to earn between $4 and $6 a share in 2020, in line with Wall Street forecasts.
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