New York, NY -- (ReleaseWire) -- 04/19/2013 --Reuters reported that American Airlines parent AMR Corp. (OTC:AAMRQ), which plans to merge with US Airways Group Inc. this year, reported a smaller first-quarter loss on Thursday, aided by cost-cutting from its Chapter 11 restructuring.
The carrier had a net loss of $341 million, or $1.02 a share, compared with a loss of $1.7 billion, or $4.95 a share, a year earlier. Excluding reorganization and special items, the carrier said it had a profit of $8 million.
Adjusted for items, American had a profit of 2 cents a share, compared with a loss of 9 cents a share expected by analysts.
The company recorded costs of $276 million tied to its reorganization, and charges and merger-related expenses of $28 million. It also took a charge of $45 million tied to a rise in workers' compensation claims in recent months.
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Federal National Mortgage Association’s (OTC:FNMA) Economic & Strategic Research Group stated that economic growth in the first quarter has accelerated to an above-trend.
"The April forecast reflects the growing realization that 2013 is off to a good start from a GDP perspective, but we expect the stronger-than-expected first quarter pace to slow somewhat in the second quarter," said Fannie Mae Chief Economist Doug Duncan.
"On the downside, tax hikes, sequestration, and the euro-zone crisis still pose significant risks to our forecast, and the fiscal tightening will likely affect consumer spending and other economic activity in coming months. However, the housing recovery continues to broaden and may be more robust than we anticipate, helping to offset fiscal headwinds."
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