American Air first-quarter profit beats estimates

An American Airlines passenger jet glides in under the moon as it lands at LaGuardia airport in New YorkNew York, August 28, 2012. REUTERS/Eduardo MunozThomson ReutersAn American Airlines passenger jet comes in the land at LaGuardia airport in New York

(Reuters) – American Airlines Group Inc reported a first-quarter profit on Friday that exceeded analysts’ estimates as cheap fuel continued to prop up its bottom line.

American, the world’s largest airline, earned $700 million in the first quarter.

Excluding special items, earnings fell by 38 percent to $765 million, or $1.25 per diluted share, largely because the airline had started recording additional non-cash taxes. Analysts, on average, expected $737 million, or $1.19 per diluted share, according to Thomson Reuters I/B/E/S.

(Reporting By Jeffrey Dastin in New York)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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