American Airlines has reported a second quarter net profit of $717 million or $1.01 per diluted share on a year-over-year increase in revenue of 2.0 percent to a record $14.3 billion.
On Thursday (July 25, 2024), American Airlines reported their second quarter financial results for the period ending June 30, 2024. The carrier reported a second quarter net profit of $717 million or $1.01 per diluted share on a 2.0 percent year-over-year increase in revenue to a record $14.3 billion. American’s Q2 2024 total revenue per available seat mile (TRASM) declined 5.6 percent versus the same period last year to 19.05 cents, while cost per available seat mile (CASM) increased 0.8 percent to 17.21 cents. Costs excluding fuel (CASM-ex) declined 0.1 percent to 13.14 cents. At June 30, 2024, American Airlines had approximately $11.7 billion in total liquidity, including cash, short-term investments, and undrawn capacity under revolving credit facilities.
In Thursday’s announcement, American Airlines’ CEO, Robert Isom, said,
“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. 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.”
During the second quarter, American reduced their total debt by approximately $680 million, and the company is now 87 percent or over $13.0 billion toward their goal of reducing total debt by $15.0 billion by 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
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