- China opens $71 bn 'swap facility' to boost markets
- Mets advance on Lindor grand slam, Yankees and Tigers win
- Taiwan President Lai vows to 'resist annexation' of island
- China's solar goes from supremacy to oversupply
- Asian markets track Wall St record as Hong Kong, Shanghai stabilise
- 'Denying my potential': women at Japan's top university call out gender imbalance
- China's central bank says opens up $70.6 bn in liquidity to boost market
- Zelensky on whirlwind tour of Europe ahead of US vote
- Youth facing unprecedented wave of violence, UN envoy warns
- 'A casino in every kitchen': Brazil's online gambling craze
- Nobel chemistry winner sees engineered proteins solving tough problems
- Lindor powers Mets past Phillies into NL Championship Series
- Wildlife populations plunge 73% since 1970: WWF
- 'Sleeper agent' bots on X fuel US election misinformation, study says
- Death toll rises to 109 after Haiti gang attack, official says
- Tigers beat Guardians and on brink of advancing in MLB playoffs
- Argentina MPs back Milei's veto of university funding
- Man City sink Barca in Women's Champions League as Bayern outgun Arsenal
- Greek international Baldock, 31, found dead in pool: state agency
- Florida seaside haven a ghost town as hurricane nears
- Pharrell Williams to co-chair Met Gala exploring Black dandyism
- Wall Street indices hit fresh records as Chinese shares tumble
- Taiwan's president to deliver key speech for National Day
- Sea row on the menu as ASEAN leaders meet China's Li
- Injured Kane won't start England's Nations League clash with Greece
- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Mozambique starts tallying votes in tense election
- Zelensky moves to court European leaders in drive for military aid
- Ratan Tata: Indian mogul who built a global powerhouse
- Rodgers rejects 'false' suggestions of role in Saleh dismissal
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Lebanon facing 'catastrophic' situation as 600,000 displaced: UN
- US warns Israel not to repeat Gaza destruction in Lebanon
- Musk's X returns in Brazil after 40-day showdown with judge
- Call her savvy? Harris unleashes unconventional media blitz
- Lucian Freud 'masterpiece' fetches £13.9 million at London sale
- SoFi Stadium to hold next two CONCACAF Nations League finals
- McIlroy and DeChambeau set for PGA-LIV 'Showdown' in Vegas
- Fed minutes highlight divisions over rate cut decision
- Steve McQueen debuts new WWII film at London festival
- Run blitz edges India and South Africa closer to World Cup semi-finals
- Zelensky to court European leaders in drive for military aid
- Israel captain says 'difficult' to focus on football in time of war
- Macron to host Ukraine's Zelensky after meeting Ukrainian troops
- Root says 'many more to get' after England Test runs landmark
- India pile up World Cup high to rout Sri Lanka
- One year later, Israeli hostage family learns of loss
- Texans receiver Collins, Pats' safety Peppers out for NFL clash
American Airlines confirms 2024 forecast despite Q1 loss
American Airlines reported a quarterly loss Thursday on an uptick in labor and other operating costs as the carrier confirmed its full-year financial forecast.
The big US airline lost $312 million in the first quarter even as revenues rose 3.1 percent to $12.6 billion. Executives pointed to a recovery in business travel as a positive sign.
But operating expenses jumped 6.9 percent. Categories with significant increases included salaries, wages and benefits; and maintenance, materials and repairs.
Labor has been tight throughout the US aviation industry, leading to broad-based pay increases and constraining the industry's ability to meet surging post-lockdown demand.
The quarter does not include the boost from the ratification of a new pilots contract that the Allied Pilots Association said would immediately increase pay by more than 21 percent.
American is also immersed in negotiations with a flight attendants union over a new contract.
Chief Executive Robert Isom said the carrier is determined to pay staff at "the top of the industry" and would match a recent pay at rival Delta.
American is on track to boost aviation capacity in 2024 by "above single-mid digits" compared with the year-ago period, Chief Financial Officer Devon said on a conference call with analysts.
May said American is less affected by the delays in new aircraft deliveries compared with rivals after earlier investments.
Delays to Boeing deliveries in the wake of safety issues "have been largely offset" by American's use of regional carriers, May said.
American confirmed its full-year profit forecast range of between $2.25 and $3.25 per share. The company also projected a profitable second quarter.
Shares rose 0.7 percent in mid-morning trading.
L.Durand--AMWN