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Bond Market News
American Airlines Betters Q4 Revenue Forecast
January 12, 2022
American Airlines has narrowed the fall in its Q4 revenue forecast than previously expected. American Airlines said that it expects revenues to be down 17% vs. pre-pandemic levels, compared with its prior forecast of a 20% fall. However, American expects cost per available seat mile excluding items (industry metric) to be up 13-14% vs. 2019, as compared to its previous guidance of a rise of between 8-10%. Its costs are also expected to be higher after a writedown of excess spare parts inventory. Raymond James Equity Research analyst Savanthi Syth said in a note, “The impact from capacity cuts were somewhat greater than we had anticipated”.
American Airlines’ bonds were slightly higher with its 3.75% 2025s up 1.1 points to 95.33, yielding 5.39%.
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