American's 3Q Earnings Beats Consensus, but Shares Fall on the Back of 2018 Oversupply Jitters
No-moat American Airlines reported third-quarter results that beat EPS consensus expectations and featured higher revenue, but lower profits on a year-over-year basis. Shares, however, sold off today along with most other airlines due to what we believe are oversupply concerns going into 2018, noting that American plans to increase capacity growth in 2018 versus 2017. Following earnings, we maintain our $49 fair value estimate and view the shares as fairly valued, trading at a price/fair value e...American Airlines Group is a holding company. Through its subsidiaries, the company's business activity is the operation of a primary network carrier, providing scheduled air transportation for passengers and cargo. The company's regional carriers provide scheduled air transportation under American Eagle. The American Eagle carriers include the company's regional carriers Envoy Aviation Group Inc., PSA Airlines, Inc. and Piedmont Airlines, Inc., as well as third-party regional carriers including Republic Airline Inc., Mesa Airlines, Inc., SkyWest Airlines, Inc. and Compass Airlines, LLC. The company's cargo division provides freight and mail services, with facilities and interline connections available across the globe.
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