American Airlines Group Inc (NASDAQ:AAL) shares are trading lower by 8.7% to $13.32 Friday afternoon. Shares of airline stocks are trading lower in sympathy with Delta, which dropped after reporting fourth-quarter results and issuing 2024 guidance.
What Happened?
In the fourth quarter of FY23, Delta reported a 5.9% year-over-year growth in operating revenue, totaling $14.22 billion. Adjusted operating revenue also increased by 11.1% to $13.66 billion, surpassing the consensus estimate of $13.52 billion.
The adjusted EPS stood at $1.28, exceeding the consensus of $1.17. Notably, total passenger revenue experienced a 12% year-over-year increase, reaching $12.17 billion, while cargo revenue declined by 24% year-over-year to $188 million.
According to data from Benzinga Pro, AAL has a 52-week high of $19.08 and a 52-week low of $10.86.
