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American Airlines’ third-quarter profit forecast fell short of expectations as the carrier reinstated its 2025 financial forecast well below its outlook at the start of the year.

American on Thursday forecast a 2025 adjusted per-share loss of as much as 20 cents or earnings of as much as 80 cents, down from adjusted earnings estimates of between $1.70 to $2.70 it made in January. American, along with other airlines, pulled its 2025 financial outlook in April as carriers grappled with on-again-off-again tariffs and weaker-than-expected demand.

The airline said in an earnings release that it only expects the low-end of its forecast if “there were to be macro weaknesses that are not seen today” and the high end if the domestic travel market continues to improve.

Here is how American performed in the second quarter compared with Wall Street estimates compiled by LSEG:

Loss per share: 95 cents adjusted vs. 78 cents
Revenue: $14.39 billion vs. $14.3 billion expected

For the third quarter, American said it expects an adjusted per-share loss of 10 cents to 60 cents, while analysts polled by LSEG estimated a 7-cent loss.