American Airlines Group Inc (NASDAQ:AAL) shares rose 4% on Friday in spite of reporting a second quarter 44% drop in profits, as it met estimates.
The company drove down operating costs, but a drop in revenue and $543mln in income taxes that it didn’t owe last year took a toll on the bottom line.
The $950mln in net income for April, May and June compared to $1.7bn for the same period a year earlier.
At $1.68 per diluted share, the results met Wall Street expectations, according to S&P Global Market Intelligence.
AA shares were up 3.9% at $36.34 on Friday.