Shares of American Airlines Group Inc. /zigman2/quotes/209207041/composite AAL -0.38% sank 3.2% in premarket trade Friday, after the air carrier reported first-quarter earnings and load factor that beat expectations, but lowered its full-year profit outlook. Regarding the grounding of its 737 MAX fleet, made by Boeing Co. /zigman2/quotes/208579720/composite BA +0.17% , the company said it expects a $350 million negative impact on 2019 earnings, assuming the flight cancellations extend through Aug. 19. For the latest quarter, net income rose to $185 million, or 41 cents a share, from $159 million, or 34 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted EPS was 52 cents, above the FactSet consensus of 50 cents. Total revenue rose 1.8% to $10.58 billion, in line with the FactSet consensus of $10.60 billion. Load factor increased to 82.2% from 80.4%, beating expectations of 80.5%, as traffic growth of 3.5% outpaced capacity growth of 1.3%. Total revenue per available seat mile (TRASM) rose 0.5% to 15.87 cents. American cut its 2019 adjusted EPS guidance range to $4.00 to $6.00 from $5.50 to $7.50. The stock has gained 4.1% year to date through Thursday, while the NYSE Arca Airline Index /zigman2/quotes/210598447/delayed XX:XAL -0.13% has rallied 11.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.40% has climbed 16.7%.