American Airlines has reported a fourth quarter 2023 net profit of $19 million or $0.03 per share on a year-over-year decrease in revenue of 1.0 percent to $13.1 billion. For the full year 2023, the carrier reported a net profit of $822 million or $1.21 per diluted share.
On Thursday (January 25, 2024), American Airlines reported their fourth quarter and full year 2023 financial results for the period ending December 31, 2023. The carrier reported a fourth quarter net profit of $19 million or $0.03 per diluted share on a year-over-year decrease in revenue of 1.0 percent to $13.1 billion. For the full year 2023, American reported a net profit of $822 million or $1.21 per diluted share on a 7.8 percent increase in revenue compared to FY2022 to $52.8 billion. During the fourth quarter, American reduced their total debt by over $500 million, and by around $3.2 billion for the full year. At December 31, 2023, the carrier had liquidity totaling $10.4 billion, including cash and short-term investments, plus undrawn revolving and other short-term credit facilities.
In Thursday’s announcement, American Airlines’ CEO, Robert Isom, said,
“The American Airlines team produced an exceptionally strong performance in 2023. We are delivering on our commitments and remain well-positioned for the future, supported by the strength of our network and travel rewards program, our young and simplified fleet, our operational reliability, and our outstanding team. As we look forward, we remain focused on delivering a reliable operation for our customers and reengineering the business to build an even more efficient airline.”
American’s fourth quarter total revenue per available seat mile (TRASM) declined 6.4 percent year-over-year to 18.72 cents, while costs per available seat mile, excluding fuel and net special items (CASM-ex), increased 2.5 percent to 13.24 cents. For the full year 2023, the carrier’s TRASM increased 1.0 percent versus last year to 19.01 cents, while CASM-ex increased 2.5 percent year-over-year to 13.15 cents.
As of December 31, 2023, American Airlines has reduced their total debt by approximately $11.4 billion from peak levels in mid-2021, and the company is more than 75 percent of the way to their goal of reducing total debt by $15 billion by the end of 2025.
American Airlines’ purpose is to “care for people on life’s journey.” Shares in the American Airlines Group, Inc., trade on NASDAQ under the ticker symbol AAL and the company’s stock is included in the S&P 500.
Source: American Airlines