WASHINGTON (dpa-AFX) - American Airlines Group Inc. (AAL) reported fourth-quarter profit per share, excluding net special items, of $1.17 compared to a loss of $1.42, prior year. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.14, for the quarter. Analysts' estimates typically exclude special items.
Net income was $803 million compared to a loss of $931 million, last year. Profit per share was $1.14 compared to a loss of $1.44.
Revenues were $13.2 billion, up 39.9% from las year, and an increase of 16.6% from the same period in 2019. This was the highest fourth-quarter revenue in company history. American Airlines noted that this record revenue was achieved while flying 6.1% less capacity than the same period in 2019. Analysts on average had estimated $13.2 billion in revenue.
American Airlines expects first-quarter adjusted earnings per share to be approximately breakeven. American expects 2023 adjusted earnings per share to be between $2.50 and $3.50.
American Airlines ended the year with $12 billion of total available liquidity, comprised of cash and short-term investments plus undrawn capacity under revolving and other credit facilities.
The company said total debt reduction continues to be a top priority, and it is more than halfway to the goal of reducing total debt by $15 billion by the end of 2025. As of Dec. 31, 2022, American had reduced its total debt by more than $8 billion from peak levels in the second quarter of 2021.
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