Business
American Airlines Group Reports Third-Quarter 2019 Profit
FORT WORTH, Texas, Oct. 24, 2019 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2019 results, including these
About this update from American Airlines Group, Inc.
[{"type":"text","content":"FORT WORTH, Texas, Oct. 24, 2019 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2019 results, including these highlights:\n Reported third-quarter 2019 pre-tax income of $557 million and net income of $425 million. Excluding net special items, both pre-tax income and net income rose more than 15% year over year to $835 million and $630 million,1 respectively.Third-quarter earnings were $0.96 per diluted share. Excluding net special items, earnings per share grew 20% year over year to $1.42 per diluted share1.Reported record third-quarter revenue of $11.9 billion. Also reported third-quarter total revenue per available seat mile (TRASM) of 15.71 cents, an increase of 2% year over year. This marks the 12th consecutive quarter of TRASM growth.Returned $244 million to shareholders in the form of dividends and share repurchases in the third quarter. “We are pleased to report an earnings increase of 15% and earnings per share growth of 20% for the third quarter, excluding net special items,” said Chairman and CEO Doug Parker. “However, we know that our results should have been better. Our third quarter was impacted by the continued grounding of the Boeing 737 MAX and the operational challenges resulting from ongoing labor contract negotiations. These challenges affected our customers, our shareholders and our team members, who we thank for their hard work and perseverance.” “We are taking decisive action to correct this performance and are excited about our prospects for 2020 and beyond. As we look forward, we are committed to restoring operational excellence, growing efficiently and profitably, and generating significant free cash flow for our investors.” Third-Quarter Revenue and ExpensesPre-tax earnings excluding net special items for the third quarter of 2019 were $835 million, a 16% year-over-year increase from the third quarter of 2018. Excluding net special items, net income was $630 million, or $1.42 per diluted share. GAAP Non-GAAP1 2Q19 2Q18 2Q19 2Q18 Operating income ($ mil) 808 685 1,042 894 Pre-tax income ($ mil) 557 496 835 720 Pre-tax margin 4.7% 4.3% 7.0% 6.2% Net income ($ mil) 425 372 630 547 Earnings per diluted share$0.96 $0.81 $1.42 $1.19 Strong passenger demand drove a 3% year-over-year increase in third-quarter 2019 total revenue to a record $11.9 billion. Driven ...