American Airlines' profit beats expectations

American Airlines Group Inc on Friday reported a fourth-quarter profit above analysts' estimates as tumbling oil prices continued to add to its bottom line. American, the world's largest airline, earned $3.28 billion, benefiting from a more than 40 percent drop in its fuel bill from a year earlier. Excluding special items such as a noncash $3 billion boost from a change in accounting for tax allowances, earnings rose by 16.5 percent to $1.29 billion, or $2.00 per share.
Analysts on average expected $1.97 per share, according to Thomson Reuters I/B/E/S. Shares of American rose 1.3 percent to $38.65 in premarket trading. The Fort Worth, Texas-based airline said it had repurchased $1.1 billion worth of shares in the quarter as part of a previously announced buyback program.