American Airlines on Thursday cut its annual profit forecast, citing its previous sales and distribution strategy that drove away corporate travelers and hit its revenue. The Texas-based airline also highlighted an excess capacity in the domestic market that has undermined the industry's pricing power. Its shares were down 5.4% at $9.63 in pre-market trade. Under the previous strategy, American sought to rework its contracts with corporate travel agencies and customers, cutting perks and discounts. It also slashed its sales team. The airline also aggressively pushed a plan that sought to compel customers to make bookings directly, instead of through third-party sites and travel agencies.