Business
American Airlines Reports Second-Quarter 2024 Financial Results
FORT WORTH, Texas, July 25, 2024 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its second-quarter 2024 financial results,
About this update from American Airlines Group, Inc.
[{"type":"text","content":"FORT WORTH, Texas, July 25, 2024 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its second-quarter 2024 financial results, including: Highest-ever quarterly revenue of $14.3 billion.Second-quarter net income of $717 million, or $1.01 per diluted share. Excluding net special items1, second-quarter net income of $774 million, or $1.09 per diluted share.Generated operating cash flow of approximately $1.1 billion and free cash flow2 of approximately $850 million in the second quarter.Reduced total debt3 by approximately $680 million in the second quarter. On track to reduce total debt3 from peak levels by $15 billion by year-end 2025. Full-year adjusted earnings per diluted share4 expected to be between $0.70 and $1.30. “American has a fleet, network and product built to deliver results, but during the second quarter, we did not perform to our initial expectations due to our prior sales and distribution strategy and an imbalance of domestic supply and demand,” said American’s CEO Robert Isom. “We are taking this challenge head-on, with clear and decisive actions to deliver on a strategy that maximizes our revenue and profitability, and importantly, one that makes it easy for customers to do business with American. When we return to the level of revenue generation we know we can achieve, and we couple that with our operational reliability and best-in-class cost management, we will unlock significant value.” Sales and distribution American has taken swift and aggressive action to reorient its sales and distribution strategy in ways that continue to be customer-centric, while addressing feedback from corporate and agency partners. Since May, the airline has focused its near-term efforts in three areas: Ensuring content availability Restored content. American has reinstated competitive fares in the distribution channel traditionally used by travel agencies and corporate managed travel programs.Removed plans to differentiate mileage earn by channel. Travelers continue to earn in the AAdvantage® program as usual, no matter where they book. Making it easy, attractive and rewarding to do business with American Expanded availability of AAdvantage Business™ benefits to agencies. Companies will earn AAdvantage® miles and travelers will earn Loyalty Points anywhere business travel is booked, including when booked ...