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AMERICAN AIRLINES GROUP (AAL)
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American Airlines : Etihad to end Dallas-Fort Worth route, blames American Airlines

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11/02/2017 | 08:32am CEST
An  Etihad Airways company aircraft takes off at the Charles de Gaulle airport in Roissy

DUBAI (Reuters) - Etihad Airways said on Thursday it would stop flying to Dallas-Fort Worth next year after American Airlines' (>> American Airlines Group) decided in July to end a codeshare agreement between the two carriers.

DUBAI (Reuters) - Etihad Airways said on Thursday it would stop flying to Dallas-Fort Worth next year after American Airlines' (>> American Airlines Group) decided in July to end a codeshare agreement between the two carriers.

American Airlines has lobbied the U.S. government to investigate allegations of state subsidies at Etihad and other major Gulf carriers. The Gulf airlines deny the allegations.

The end of the codeshare agreement would make the route "commercially unsustainable" and left Etihad "with no choice but to suspend flights" from March 25, 2018, Chief Executive Peter Baumgartner said in a statement.

“The cancellation of the Dallas route is one of several adjustments that we are making to our U.S. network in 2018 in order to improve system profitability," he said.

Since launching a strategy review last year, Etihad has appointed a new group chief executive who will take over in January, sold a stake in a European carrier, and withdrawn financial support from Alitalia [CAITLA.UL] and Air Berlin (>> Air Berlin Plc), which led to both airlines entering administration.

Etihad said it had carried more than 235,000 passengers to Dallas-Fort Worth since it started flying to the American Airlines' hub in 2014.

Etihad also operates passenger flights to Chicago, Los Angeles, New York and Washington.

(Reporting by Alexander Cornwell; Editing by Mark Potter)

Stocks treated in this article : Air Berlin Plc, American Airlines Group
Stocks mentioned in the article
ChangeLast1st jan.
AIR BERLIN PLC 3.03% 0.034 Delayed Quote.-13.16%
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Financials ($)
Sales 2018 45 059 M
EBIT 2018 4 206 M
Net income 2018 2 604 M
Debt 2018 21 442 M
Yield 2018 0,89%
P/E ratio 2018 8,15
P/E ratio 2019 6,66
EV / Sales 2018 0,98x
EV / Sales 2019 0,93x
Capitalization 22 597 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 63,6 $
Spread / Average Target 36%
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Managers
NameTitle
William Douglas Parker Chairman & Chief Executive Officer
Robert D. Isom President
Derek J. Kerr Chief Financial Officer & Executive Vice President
Maya Leibman Chief Information Officer & Executive VP
Craig Barton Vice President-Technical Services
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