American Airlines Loses $162 Million In 3Q
Get Breaking News First
DALLAS (CBSMiami.com) – American Airlines, who has one of its biggest hubs in Miami, struggled again in the third fiscal quarter, sinking to a $162 million loss.
The losses came despite American charging an average of 7 percent more on tickets than in the second quarter. American Airlines lost 48 cents per share which was five cents more than analysts expected.
The losses for American were the fourth straight losing quarter and the 14th in the last 16 quarters since 2001. All of the numbers continued to fuel speculation that American may be headed toward bankruptcy.
American has seen its stock price drop by 64 percent in 2011 alone. Still, analysts think American may stave off bankruptcy because it has more than four billion dollars in cash and short-term investments that could be liquidated if needed.
(TM and © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)