American Airlines: Storms cut 1Q profit by $60M

FORT WORTH, Texas (AP) -- Winter storms led to the cancellation of more than 34,000 American Airlines flights in the first three months of this year and will cut profit by $60 million.

The company, which owns American and US Airways, said Tuesday that the storms cost it $115 million in revenue for the January-through-March quarter.

A series of winter storms pelted major airports and disrupted travel in key cities for American, including Chicago, Dallas and New York.

The Fort Worth company said that traffic, measured in miles flown by passengers, rose 0.9 percent in March. The company increased capacity by 2.9 percent; airlines usually boost capacity by adding flights or using bigger planes with more seats.

With capacity growing faster than traffic, the average flight was 81.8 percent full in March, down from 83.4 percent a year earlier.

The numbers include US Airways, which merged with American in December.

In morning trading, shares of American Airlines Group Inc. fell 34 cents to $35.44.