Cleared for takeoff

Shares in American Airlines surged after the carrier pre-announced positive results for the second quarter thanks to $1.4 billion in special items, mostly federal pandemic aid.

Without the federal relief, however, Fort Worth, Texas-based American said it will post an adjusted loss of up to $1.2 billion for the April-through-June period. That will be its smallest adjusted loss since the pandemic started, reflecting rising passenger traffic and revenue. On a per-share basis, American said its adjusted loss will be between $1.67 and $1.76, better than Wall Street’s projected loss of $2.45.

“We are clearly moving in the right direction,” CEO Doug Parker and President Robert Isom said in a note to employees.

The airline will report full second-quarter results on July 22.

American rose 3% to close at $20.62 on Wednesday.