Summary by Futu AI
American Airlines Group Inc. announced on May 28, 2024, that Chief Commercial Officer Vasu Raja will be leaving the company in June 2024. Stephen Johnson, currently Vice Chair and Chief Strategy Officer, will immediately take over the commercial organization's leadership and oversee the search for Raja's successor. In addition, American Airlines provided an update on its financial and operational guidance for the second quarter of 2024 during Bernstein's 40th Annual Strategic Decisions Conference on May 29, 2024. The airline has revised its adjusted operating margin down by 1 percentage point to between 8.5% and 10.5%. Adjusted earnings per diluted share for the second quarter are now expected to be between $1.00 and $1.15. The company also anticipates a 5% to 6% decrease in total revenue per available seat mile (TRASM) compared to the same quarter in the previous year, while cost per available seat mile excluding fuel and net special items (CASM-ex) is projected to be flat to up 1% year over year. The expected average fuel price is estimated to be between $2.70 and $2.80 per gallon, including taxes.