American Airlines has reported a Third Quarter 2024 net loss of $149 million or ($0.23) per share on a record third quarter revenue of $13.6 billion. At September 30, 2024, the carrier had approximately $11.8 billion in available liquidity.
On Thursday (October 24, 2024), American Airlines reported their third quarter financial results for the period ending September 30, 2024. The carrier reported a third quarter net loss of $149 million or ($0.23) per share on a year-over-year increase in revenue of 1.2 percent to $13.6 billion, a third quarter record. American’s Q3 total revenue per available seat mile (TRASM) declined 2.0 percent versus the same period last year to 18.04 cents, while cost per available seat mile (CASM) declined 4.2 percent to 17.92 cents. Costs, excluding fuel and net special items (CASM-ex) increased 2.8 percent compared to Q3 2023 to 13.39 cents. At September 30, 2024, American Airlines had $11.8 billion of total available liquidity, including cash and short-term investments plus undrawn capacity under revolving credit and other facilities.
In Thursday’s announcement, American Airlines’ CEO, Robert Isom, said,
“The American Airlines team continues to focus on running a reliable operation and managing costs across the airline. We have taken aggressive action to reset our sales and distribution strategy and reengage the business travel community, which we’re confident will improve our revenue performance over time. We have heard great feedback from travel agencies and corporate customers as we work to rebuild the foundation of our commercial strategy and make it easy for customers to do business with American.”
During the third quarter, American further reduced their total debt by around $360 million, and the company is now over $13 billion toward their goal of reducing total debt by $15 billion by year-end 2025.
American Airlines’ purpose is To Care for People on Life’s Journey®. The carrier offers thousands of daily flights to over 350 destinations in more than 60 countries. American is also a founding member of the oneworld global alliance whose member airlines serve over 900 destinations worldwide. 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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