An American Airlines Boeing 787-9 Dreamliner approaches for a landing at the Miami International Airport on Dec. 10, 2021.
Joe Raedle | Getty Images
American Airlines posted a $10 million profit in the first quarter as it ramped up flying and a jump in revenue outpaced higher costs.
American’s revenue rose 37% in the first three months of the year to $12.19 billion, roughly in line with analyst estimates.
Here’s how American Airlines performed in the┬аfirst quarter compared with what Wall Street anticipated, based on an average of analysts’ estimates compiled by Refinitiv:
- Adjusted earnings per share:┬а5 cents vs. expected 5 cents
- Total revenue:┬а$12.19 billion vs. expected $12.20 billion
Revenue of $12.19 billion was 37% higher than the same period a year earlier. The carrier’s net income for the quarter of $10 million, or 2 cents per share, marks a drastic improvement from the first quarter of 2022 when American lost $1.64 billion, or $2.52 per share.
Excluding charges associated with debt refinancing, American earned an adjusted 5 cents per share during the first quarter, in line with analysts’ expectations.
For the second quarter of the year, American forecast adjusted per-share earnings of $1.20 to $1.40, at the high end of analysts’ expectations.
The Fort Worth-based carrier expects revenue per available seat mile to come in 2% to 4% lower than last year on capacity up as much as 5.5%.
American CEO Robert Isom said late aircraft deliveries from manufacturers are hindering the carrier’s growth.
“In terms of the aircraft manufacturers, both Boeing and Airbus, they have to do a better job,” Isom said in an interview with CNBC’s “Squawk Box” on Thursday. “When we don’t receive a delivery on time, guess what? We’re going out and having to cancel flights. That affects thousands of customers.”
“We’ve got to hold them accountable,” Isom said.
