今年初，受美国总统唐纳德.特朗普大规模关税引发的经济不确定性影响，美国国内旅行需求放缓，这 让航空公司陷入困境，并迫使它们通过降价来填满航班座位。 美国航空(AAL.US)于美东时间周四盘前发布第三季度财报，并上调了2025年利润预期，这表明在今年 初需求下滑后，全行业推行的运力削减措施已开始带来定价收益。 数据显示，美国航空的总运营收入微升至约136.9亿美元，超过了136.3亿美元的市场预期。伦敦证券交 易所集团(LSEG)汇编的数据显示，在截至9月的季度中，这家美国航空公司报告调整后每股亏损17美 分，好于分析师平均预期的28美分亏损。 截至发稿，该航空公司股价在盘前交易中上涨近5%。 美国航空目前预计，全年调整后每股收益将在65美分至95美分之间，较7月时"亏损20美分至盈利80美 分"的预期实现大幅转变。 与此同时，高利润率的高端服务表现依然强劲，富裕旅客仍愿意为更舒适的旅程支付溢价。后疫情时 代，航空公司已加大对高端服务的投入。 美国航空周四表示："高端服务单位收入的同比增幅持续高于经济舱。" 周三，其国内同行西南航空(LUV.US)公布了意外盈利，这得益于旅行预订量的改善。 此后，主要航空公司纷 ...

Financial Data and Key Metrics Changes - The company's GAAP earnings per diluted share for Q3 2025 were $0.05, down from $0.19 in Q3 2024, while adjusted EPS was $0.32 compared to $0.34 in the prior year, reflecting a 5.9% year-over-year decrease primarily due to a $0.10 negative impact from loss contingencies and claims accruals [15][16][30] - Revenue, excluding fuel surcharge, increased by 2.4%, while operating income declined by $31.1 million or 38.2% year-over-year, largely due to $58 million of unusual items [15][16] - The consolidated adjusted operating ratio was 93.8%, flat year-over-year and sequentially [16] Business Line Data and Key Metrics Changes - The LTL segment held steady at 20% of consolidated revenue, its highest share since entering this segment in 2021, with revenue excluding fuel surcharge increasing by 21.5% year-over-year [17][20] - The truckload segment experienced a 2.1% revenue decline year-over-year, driven by a 2.3% decrease in loaded miles, while revenue per loaded mile improved slightly [18][19] - The logistics segment saw a revenue decline of 2.2% year-over-year, driven by a 6.2% decline in load count, but adjusted operating income grew by 1.9% [24] Market Data and Key Metrics Changes - The freight markets are still grappling with uncertainty, with many shippers hesitant to take risks, leading to deviations from normal seasonal patterns [5][6] - There are signs of tightening capacity due to regulatory enforcement, which may impact supply-demand dynamics in 2026 [10][25] - The intermodal segment improved its adjusted operating ratio by 160 basis points year-over-year, despite an 8.4% revenue decline [26] Company Strategy and Development Direction - The company is adopting the AAA Cooper brand across its entire LTL business to enhance service delivery and operational efficiency [11] - The strategy includes leveraging technology to foster connectivity and optimize capacity across different service lines [17][48] - The company anticipates that ongoing regulatory changes will create a more favorable environment for carriers, particularly in the truckload business [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding fourth-quarter expectations due to uncertainties in volume build and demand trends [5][6] - The company is optimistic about future opportunities, citing stable demand across truckload brands and a focus on quality service [7][10] - Management noted that while there is some softness in LTL demand, bid discussions are encouraging, and they are prepared to manage costs effectively [46][52] Other Important Information - The company expects full-year net cash capex to be between $475 million and $525 million, with an effective tax rate on adjusted results projected between 23% and 24% for Q4 [30] - The company is focused on improving margins through cost control and operational efficiencies, particularly in the LTL and truckload segments [11][60] Q&A Session Summary Question: Clarification on adjusted EPS and regulatory impacts on capacity - Management confirmed that the adjusted EPS of $0.32 reflects normal seasonal patterns and that regulatory enforcement may lead to capacity reductions, but the full impact is still uncertain [33][35][38] Question: Insights on LTL margins and synergy opportunities - Management acknowledged softer demand in LTL but highlighted encouraging bid discussions and potential for leveraging synergies between truckload and LTL operations [44][48][49] Question: Cost-cutting initiatives and their impact - Management detailed ongoing cost-cutting initiatives across segments, emphasizing improvements in fixed and variable costs, and expressed optimism for future margin improvements [55][60][67]