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00:02American Airlines cut its full-year adjusted profit forecast after renewed U.S.-Iran fighting
00:07pushed oil prices higher, increasing fuel costs, according to Reuters.
00:12The airline now expects results ranging from an adjusted loss of $0.65 per share
00:17to an adjusted profit of $0.65 per share, down from its prior forecast of an adjusted loss
00:22of $0.40 per share to a profit of $1.10 per share. The company said volatile fuel markets
00:28have made earnings forecasts more difficult as renewed fighting and reduced traffic through
00:33the Strait of Hormuz cloud the outlook for oil and jet fuel costs. American paid an average
00:38of $4.05 per gallon for fuel in the second quarter and expects to pay $3.75 per gallon
00:45in the third quarter based on the forward fuel curve as of July 21st.
00:49Shares fell about 4% in pre-market trading.
00:52For all things money, visit Benzinga.com.
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