American Airlines yesterday unveiled its financial and operating results for the first quarter of 2023. The company reported a 10 million dollars profit between January and March, a marked improvement over the 1.634 million loss reported in the same period last year.
“The American Airlines team ran a great operation and delivered on our financial guidance for the quarter, resulting in a first-quarter profit for the first time in four years”, said Robert Isom, CEO.
“Looking ahead to the remainder of 2023, we remain focused on reliability, profitability, strengthening the balance sheet, and creating even more value for our shareholders, team members, customers and the communities we serve”, he added. The company expects second-quarter earnings per share of 1.2 to 1.4 dollars.
For the first time in three years, American Airlines will pay its employees a profit share. The company added approximately 211 million dollars to the fund. The money will be paid out next May.
See also: American Airlines to boost flights between Miami and Rio de Janeiro
American Airlines first quarter 2023 financial and operating highlights
- Net income of 10 million dollars, or 0.02 dollars per diluted share.
- Record revenue of 12.2 billion, a year-on-year increase of 37%.
- Operating cash flow of 3.3 billion dollars and free cash flow of 3 billion.
- The company ended the quarter with 14.4 billion dollars of total available liquidity.
- American Airlines and its regional partners operated more than 476.000 flights between January and March, with an average load factor of 80%. Sustained demand growth supported the positive bottom line.
- Total capacity grew by 9.2% compared to the first quarter of 2022.
- The company noted that on thirteen separate days there were no cancelled American Airlines flights. Moreover, on eleven days in the quarter, there were no cancellations in regional scheduling. The company recorded the best on-time performance among the nine largest carriers in the United States.
- As of 31 March, total debt had been reduced by more than 9 billion dollars from the peak levels reached in the second quarter of 2021.
