- American Airlines posted a profit of $10 million in the first quarter as it ramped up its flights.
- The jump in revenue outweighed the rise in costs.
- For the second quarter of the year, US forecasts revised earnings per share at the high end of analysts’ expectations
A US Boeing 787-9 Dreamliner approaches for landing at Miami International Airport on December 10, 2021 in Miami, Florida.
Joe Riddle | Getty Images
American Airlines reported a profit of $10 million in the first quarter of the year as it increased flights and a jump in revenue outweighed the rise in costs.
US revenue rose 37% in the first three months of the year to $12.19 billion, roughly in line with analyst estimates.
Here’s how American Airlines works Procedure In the first quarter compared to what Wall Street expected, based on average analyst estimates compiled by Refinitiv:
- Adjusted earnings per share: 5 cents versus the expected 5 cents
- Total revenue: 12.19 billion dollars, compared to the expected 12.20 billion dollars
Revenue of $12.19 billion was 37% higher than the same period in the previous year. The carrier’s net income for the quarter of $10 million, or two cents per share, represents a drastic improvement from the first quarter of 2022 when Americans lost $1.64 billion, or $2.52 per share.
Excluding charges associated with debt refinancing, American earned 5 cents a share adjusted for the first quarter, in line with analyst expectations.
For the second quarter of the year, US forecasts revised earnings per share from $1.20 to $1.40, at the high end of analyst expectations.
The Fort Worth-based carrier expects revenue per available seat mile to be 2% to 4% lower than last year with capacity increasing up to 5.5%.
US CEO Robert Isom said delayed aircraft deliveries from manufacturers were hindering the company’s growth.
“In terms of the two aircraft manufacturers, Boeing and Airbus, they have to do a better job,” Isom said in an interview with CNBC’s “Skook Box” Thursday. “When we don’t get our delivery on time, guess what? We’ll be out and have to cancel flights. It affects thousands of customers.”
“We have to hold them accountable,” Isom said.
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