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Wednesday, January 16, 2013

AMR, parent of American Air, posts profit after year-ago loss, (NYSE: LCC)

AMR Corp, the parent company of American Airlines, reported a fourth-quarter profit Wednesday following a year-earlier loss and said cost-cutting measures undertaken during restructuring would buoy earnings in future.The carrier, which is weighing a merger with US Airways Group against exiting Chapter 11 as a standalone company, said 2012 revenue grew 3.7 percent to $24.9 billion, its highest annual revenue ever.Having filed for bankruptcy protection in late 2011, American has renegotiated plane leases, reduced management and support staff and froze pension plans to lower costs and improve competitiveness with rivals."Having reached the vast majority of our restructuring milestones already, we can now focus on the new American becoming reality," Chief Executive Tom Horton said in a memo to staff. He said the financial improvement would pick up as the full effects of the reorganization kick in.

US Airways Group, Inc. operates and owns passenger and freight airline carrier. Shares of LCC traded higher by 0.69% or $0.099/share to $14.41. In the past year, the shares have traded as low as $5.81 and as high as $15.50. On average, 5837010 shares of LCC exchange hands on a given day and today's volume is recorded at 851183.