American Airlines Reports Third Quarter 2023 Net Loss of $545 Million or $0.83 per Diluted Share
American Airlines has today reported a third quarter net loss of $545 million or ($0.83) per diluted share on a year-over-year increase in revenue of 0.2 percent to $13.5 billion. The carrier ended the quarter with total available liquidity of $13.5 billion.
On Thursday (October 19, 2023) American Airlines reported their third quarter financial results for the period ending September 30, 2023. The carrier reported a third quarter net loss of $545 million or ($0.83) per diluted share on a year-over-year increase in revenue of 0.2 percent to 13.5 billion. American’s third quarter total revenue per available seat mile (TRASM) declined 6.3 percent versus Q3 2022 to 18.40 cents, while cost per available seat mile (CASM) increased 2.3 percent to 18.70 cents. Costs excluding net special items and fuel (CASM-ex) increased year-over-year by 3.3 percent to 13.02 cents. As of September 30, 2023, American Airlines had liquidity totaling $13.5 million, including cash, short term investments and undrawn capacity under revolving and short-term credit facilities.
In Thursday’s announcement, American Airlines’ CEO, Robert Isom, said,
“The American Airlines team continues to produce strong results. 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.”
During the third quarter, American reduced their total debt by $1.4 billion, and the company is now more than 70 percent of the way to their goal of reducing debt by $15.0 billion by the end of 2025. American Airlines’ credit rating was also upgraded by Fitch, Moody’s and Standard and Poor’s during the period.
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