Business
American Airlines reports third-quarter 2023 financial results
FORT WORTH, Texas, Oct. 19, 2023 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2023 financial results,
About this update from American Airlines Group, Inc.
[{"type":"text","content":"FORT WORTH, Texas, Oct. 19, 2023 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2023 financial results, including: Record third-quarter revenue of approximately $13.5 billion.GAAP third-quarter net loss of $545 million, or ($0.83) per diluted share. Excluding net special items1, third-quarter net income of $263 million, or $0.38 per diluted share.Record third-quarter completion factor, best among U.S. network carriers.Ended the third quarter with approximately $13.5 billion of total available liquidity.Reduced total debt2 by $1.4 billion in the third quarter.Credit rating upgraded by Fitch, Moody's and Standard & Poor's during the third quarter. “The American Airlines team continues to produce strong results,” said American’s CEO Robert Isom. “Our team is delivering record-setting reliability and operational performance. We are executing on our plans and remain well-positioned for the future, supported by the strength of our network, our young and modern fleet, and our outstanding team.” ReliabilityAmerican delivered a strong operation in the third quarter, including a record-setting performance during the peak travel period this summer. American operated more than 515,000 flights in the third quarter with an average load factor of 84%. The company produced its best-ever third-quarter completion factor and the best completion factor among U.S. network carriers. American is committed to building on this momentum and delivering a reliable operation for customers during the upcoming holiday travel season. Financial performanceAmerican produced record third-quarter revenues of approximately $13.5 billion, driven by a resilient demand environment and record-setting co-brand credit card and travel rewards program revenue. American saw year-over-year growth in corporate and government revenue in the third quarter and continued strength in demand and revenue from unmanaged business travel. In the third quarter, the company produced an operating margin of (1.7%) and net loss of $545 million on a GAAP basis. Excluding net special items1, American produced an operating margin of 5.4% and net income of $263 million in the third quarter, exceeding the high end of the company’s prior guidance. Liquidity and balance sheetAmerican reduced total debt2 by $1.4 billion in the third quarter. Strength...