American Airlines has reported a first quarter 2024 net loss of $312 million or ($0.48) per diluted share on a year-over-year increase in revenue of 3.1 percent to $12.6 billion, a company first quarter record.
On Thursday (April 25, 2024), American Airlines reported their first quarter financial results for the period ending March 31, 2024. The carrier reported a first quarter net loss of $312 million or ($0.48) per diluted share on a 3.1 percent increase in revenue versus the same period last year to a record $12.6 billion. During the first quarter, American reduced their total debt by nearly $950 million, and the carrier has now achieved 80 percent of their total debt reduction goal of $15 billion by 2025.
In Thursday’s announcement, American Airlines’ CEO, Robert Isom, said,
“The American Airlines team continues to build a reliable, efficient and resilient airline. While we aren’t satisfied with our first-quarter financial results, we have a strong foundation in place, and we remain on track to deliver on our full-year financial targets. Our team is running a fantastic operation, driving revenue through our commercial initiatives, efficiently managing costs, and producing free cash flow to further strengthen our balance sheet.”
American’s first quarter total revenue per available seat mile (TRASM) declined year-over-year by (4.9) percent to 17.83 cents, while cost per available seat mile (CASM) decreased (1.4) percent to 17.82 cents. Costs excluding fuel and net special items (CASM-ex) increased versus Q1 2023 by 2.3 percent to 13.49 cents.
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