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American Airlines sees smaller-than-expected third-quarter loss

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The company’s shares rose 1.1% to $20.36 in premarket trading.

After a strong summer travel season, airlines had to temper their outlook for the quarter through September as the fast-spreading Delta variant of the coronavirus slowed down new bookings and drove up cancellations.

However, dipping COVID-19 cases have now raised industry hopes that passengers would be more confident to fly again.

Excluding items, American expects to report a net loss of between $620 million and $675 million in the third quarter. Analysts on average had expected the company to report a loss of $741.7 million.

The U.S. airline expects third-quarter revenue to fall about 25% from 2019, compared with a prior outlook of down between 24% and 28%.

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