American Airlines beats by $0.57, reports revs in-line; Approves $2.0 bln repurchase program:
- Reports Q4 (Dec) earnings of $1.48 per share, excluding non-recurring items, $0.57 better than the Capital IQ Consensus of $0.91; revenues rose 1.7% year/year to $9.79 bln vs the $9.74 bln Capital IQ Consensus.
- Total revenue in the fourth quarter was $9.8 billion, an increase of 1.7 percent versus the fourth quarter 2015 on a 0.4 percent increase in total available seat miles (ASMs).
- TRASM was 14.90 cents, up 1.3 percent versus the fourth quarter 2015, the first year-over-year increase since the fourth quarter of 2014.
- Total operating expenses in the fourth quarter were $9.0 billion, up 5.4 percent compared to the fourth quarter 2015, due primarily to a 17.4 percent increase in salaries and benefits expense, which includes the impact of the Company's recent labor agreements and a $57 million accrual for the Company's profit sharing program.
- Fourth quarter 2016 mainline cost per available seat mile (CASM) was 12.93 cents, up 5.7 percent on a 0.7 percent reduction in mainline ASMs versus the fourth quarter 2015.
- Share Repurchase
- The Company has now completed its $2.0 billion April 2016 share repurchase authorization and returned more than $9.6 billion to stockholders through share repurchases and dividends since mid-2014. In addition, the Company's Board has approved a new $2.0 billion share repurchase authorization that will expire December 31, 2018.
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