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MarketScreener Homepage  >  Equities  >  Nasdaq  >  American Airlines Group Inc.    AAL


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American Airlines : U.S. Senators say pandemic relief plan would give airlines $17 billion over four months

12/01/2020 | 04:54pm EST
FILE PHOTO: Travelers at O'Hare International Airport ahead of the Thanksgiving holiday in Chicago

WASHINGTON/CHICAGO (Reuters) - U.S. airlines would receive $17 billion for four months of payroll support under a new $908 billion bipartisan Senate COVID-19 relief proposal, staffers for two U.S. Senators said on Tuesday.

A bipartisan group of lawmakers announced a package of $45 billion in transportation assistance, and the offices of Senators Mitt Romney and Mark Warner said the plan includes $15 billion for transit systems, $4 billion for airports, $8 billion for private buses and $1 billion for passenger railroad Amtrak.

The $45 billion in transportation assistance is designed to provide assistance for four months. Congress and President-elect Joe Biden can decide next year if more funds should be approved beyond March, Senator Joe Manchin said.

The White House has not yet said it supports the plan, and neither have Congressional leaders. A separate Senate Republican leadership relief plan summary sent to lawmakers later on Tuesday had no reference to additional transportation assistance.

In October, American Airlines and United Airlines furloughed more than 32,000 workers after a prior $25 billion payroll assistance program expired.

For months, airlines had sought another $25 billion bailout to keep workers on the payroll for another six months.

Romney said lawmakers spoke to Treasury Secretary Steven Mnuchin seeking input on "what was the right number for airlines."

U.S. passenger airline traffic remains down by more than 60% and planes are flying on average just half full. Airlines have lost more than $36 billion in 2020.

Airlines for America President Nick Calio praised the proposal that includes "provisions intended to help airlines make payroll and protect the jobs of our industry's hardworking employees."

Association of Flight Attendants-CWA International President Sara Nelson said the union was "working with lawmakers to ensure this emergency relief is enacted immediately."

Transit agencies have urged Congress to approve $32 billion in additional assistance, while Amtrak sought nearly $3 billion and to prevent new service and job cuts. Airports sought another $10 billion after receiving $10 billion in April.

On Monday, the Washington DC-area subway system said it planned to end weekend train service and cut one-third of bus routes in mid-2021 without new government help. Last month, New York said subway and bus services could be cut 40% without new help.

Private U.S. bus companies, school bus and domestic passenger vessel industries have sought $10 billion in government assistance after massive job losses and made a new urgent appeal on Monday to Congress.

(Reporting by David Shepardson and Tracy Rucinski, Editing by Nick Zieminski, Bernadette Baum and David Gregorio)

By David Shepardson and Tracy Rucinski

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. -2.72% 15.98 Delayed Quote.4.25%
UNITED CONTINENTAL HOLDINGS, INC. -3.47% 44.6381 Delayed Quote.7.03%
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Financials (USD)
Sales 2020 17 185 M - -
Net income 2020 -9 408 M - -
Net Debt 2020 32 875 M - -
P/E ratio 2020 -0,85x
Yield 2020 0,54%
Capitalization 8 995 M 8 995 M -
EV / Sales 2020 2,44x
EV / Sales 2021 1,64x
Nbr of Employees 110 500
Free-Float 99,1%
Duration : Period :
American Airlines Group Inc. Technical Analysis Chart | AAL | US02376R1023 | MarketScreener
Technical analysis trends AMERICAN AIRLINES GROUP INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus UNDERPERFORM
Number of Analysts 21
Average target price 11,89 $
Last Close Price 16,44 $
Spread / Highest target 64,2%
Spread / Average Target -27,7%
Spread / Lowest Target -93,9%
EPS Revisions
Managers and Directors
William Douglas Parker Chairman & Chief Executive Officer
Robert D. Isom President
David G. Seymour Senior Vice President-Operations
Derek J. Kerr Chief Financial & Accounting Officer, Executive VP
Maya Leibman Chief Information Officer & Executive VP