American Airlines Group Inc cut its 2019 profit forecast on Friday, saying it expected to take a US$350 million hit from the grounding of Boeing's 737 MAX planes after cancelling 1,200 flights in the first quarter.

The company said it now expects its 2019 adjusted profit to be between US$4.00 per share and US$6.00 per share.

Analysts on average had expected 2019 earnings of US$5.63 per share, according to Refinitiv data.

The No. 1 U.S. airline by passenger traffic said net income rose to US$185 million, or 41 cents per share, in the first quarter ended March 31, from US$159 million, or 34 cents per share, a year earlier.

Total operating revenue rose 2 percent to US$10.58 billion.