American Airlines stock fell Tuesday after the airline reported record revenue during its third quarter, but earnings that just missed expectations.
American (ticker: AAL) reported an adjusted profit of 76 cents a share for the second quarter, narrowly missing estimates of 77 cents.
Sales increased 12.2% year over year to a record $13.4 billion, above the consensus estimate for $13.31 billion and in line with guidance issued last week.
"We are very pleased to report a quarterly profit, excluding net special items, for the first time since the start of the pandemic, driven by the strong demand environment and the hard work of our team," said American's CEO Robert Isom.
The company expects to continue being profitable in the third quarter. It projects revenue to be up between 10% and 12% from the third quarter of 2019, while capacity will be between 8% and 10% lower.
Shares of American were down 1.5% to $14.98 in premarket trading on Thursday.