American Airlines Group Inc on Thursday posted its first adjusted quarterly profit since the onset of the COVID-19 pandemic as a boom in travel demand more than offset higher costs.
The lifting of coronavirus curbs and bottled-up travel demand have sparked the strongest summer for U.S. carriers in three years, putting them on track for a profitable quarter despite a larger fuel bill.
American Airlines reported an adjusted profit of $533 million, or $0.76 per share, for the quarter ended June 30, compared with a loss of $1.09 billion, or $1.69 per share, a year earlier.
The Fort Worth, Texas-based airline's operating revenue rose to about $13.42 billion, from about $7.48 billion a year earlier.
American Airlines Group Inc. today reported its second-quarter 2022 financial results, including:
Second-quarter net income of $476 million, or $0.68 per diluted share. Excluding net special items1, second-quarter net income of $533 million, or $0.76 per diluted share.
Record second-quarter revenue of $13.4 billion, which represents a 12.2% increase over the same period in 2019, despite flying 8.5% less capacity.
Ended the second quarter with $15.6 billion of total available liquidity.
Company continues to execute on its plan to pay down approximately $15 billion of total debt2 by the end of 2025.
Shares of American Airlines slid 1.38% in premarket trading.
