Business Services Industry
Stock of American Airlines' Parent Falls on Profit Warning.
Knight Ridder/Tribune Business News, December, 1998 by Reed, Dan
Knight Ridder/Tribune Business News
Dec. 12 -- FORT WORTH, Texas -- AMR Corp.'s stock plunged nearly 7 percent yesterday after the Fort Worth-based company, the parent of American Airlines, advised analysts that its fourth-quarter profit expectations were too high.
AMR, Tarrant County's largest corporate resident and North Texas' largest employer, is still almost certain to report a record profit for 1998. Through the first nine months, the company earned $1.3 billion, which is slightly more than the $1.02 billion earned in its record year of 1996.
But increased fare discounting in the fourth quarter and continued weakness in some international markets will cause the carrier to fall short of analysts' expectations. The average estimate on...
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