Italia markets closed
  • FTSE MIB

    20.648,85
    +295,87 (+1,45%)
     
  • Dow Jones

    28.725,51
    -500,10 (-1,71%)
     
  • Nasdaq

    10.575,62
    -161,89 (-1,51%)
     
  • Nikkei 225

    25.937,21
    -484,84 (-1,83%)
     
  • Petrolio

    79,74
    -1,49 (-1,83%)
     
  • BTC-EUR

    19.732,62
    -284,39 (-1,42%)
     
  • CMC Crypto 200

    443,49
    +0,06 (+0,01%)
     
  • Oro

    1.668,30
    -0,30 (-0,02%)
     
  • EUR/USD

    0,9801
    -0,0018 (-0,19%)
     
  • S&P 500

    3.585,62
    -54,85 (-1,51%)
     
  • HANG SENG

    17.222,83
    +56,96 (+0,33%)
     
  • Euro Stoxx 50

    3.318,20
    +39,16 (+1,19%)
     
  • EUR/GBP

    0,8781
    -0,0041 (-0,46%)
     
  • EUR/CHF

    0,9669
    +0,0095 (+1,00%)
     
  • EUR/CAD

    1,3549
    +0,0120 (+0,89%)
     

American Airlines Reports Second-Quarter 2022 Financial Results

·12 minuto per la lettura
American Airlines, Inc.
American Airlines, Inc.

FORT WORTH, Texas, July 21, 2022 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its second-quarter 2022 financial results, including:

  • Second-quarter net income of $476 million, or $0.68 per diluted share. Excluding net special items1, second-quarter net income of $533 million, or $0.76 per diluted share.

  • Record second-quarter revenue of $13.4 billion, which represents a 12.2% increase over the same period in 2019, despite flying 8.5% less capacity.

  • Ended the second quarter with $15.6 billion of total available liquidity.

  • Company continues to execute on its plan to pay down approximately $15 billion of total debt2 by the end of 2025.

“We are very pleased to report a quarterly profit, excluding net special items, for the first time since the start of the pandemic, driven by the strong demand environment and the hard work of our team,” said American’s CEO Robert Isom. “The American Airlines team has stepped up to meet the surge in demand for air travel while running a reliable operation in very challenging conditions. We are encouraged by the trends we’re seeing across the business, and we remain well-positioned for the continued recovery.”

Running a reliable operation
In the second quarter, American flew a schedule that was more than 25% larger than its closest competitor as measured by total departures. American and its regional partners operated more than 500,000 flights in the quarter, an 8% increase over the second quarter of 2021, with an average load factor of 87%, which is 10 points higher than the second quarter of 2021. Despite a challenging operating environment in June, American’s on-time departure rate, on-time arrival rate and completion factor for the second quarter of 2022 were each improved versus the second quarter of 2019.

American is proud to offer customers the youngest fleet among U.S. network carriers and the largest network of any U.S. airline, with an expected average of more than 5,400 daily departures for the remainder of the summer.

Returning to profitability
American produced revenues of $13.4 billion in the second quarter, a 12.2% increase versus 2019 and a record for any quarter in company history. This record revenue was achieved while flying 8.5% less capacity than the same period in 2019, and there remains significant revenue potential going forward to the extent business and international travel improve further.

Domestic leisure travel remains very strong and surpassed 2019 levels in the second quarter and American also saw improvements in corporate and government revenue in the quarter. Demand for international travel also improved steadily during the second quarter and the company expects this to continue following the lifting of the COVID-19 testing requirement for inbound travel to the U.S.

Liquidity and balance sheet
American ended the second quarter with $15.6 billion of total available liquidity. Total debt reduction continues to be a top priority and the company remains on track to reduce overall debt levels by $15 billion by the end of 2025.

In the second quarter, the company made $1.0 billion in scheduled debt and finance lease payments, including paying off the remaining $433 million outstanding balance of its $750 million unsecured senior notes that matured in June. To date, American has reduced its overall debt by $5.2 billion from peak levels in the second quarter of 2021.

Guidance and investor update
American will continue to match its forward capacity with the resources required to support its operation. Based on current trends, the company expects its third-quarter total revenue to be 10% to 12% higher versus the third quarter of 2019 on 8% to 10% lower capacity. Based on these demand trends and the current fuel price forecast, the company expects to be profitable in the third quarter.

For additional financial forecasting detail, please refer to the company’s investor update, filed with this press release with the SEC on Form 8-K. This filing will also be available at aa.com/investorrelations.

Conference call and webcast details
The company will conduct a live audio webcast of its financial results conference call at 7:30 a.m. CDT today. The call will be available to the public on a listen-only basis at aa.com/investorrelations. An archive of the webcast will be available on the website through Aug. 21.

Notes
See the accompanying notes in the financial tables section of this press release for further explanation, including a reconciliation of all GAAP to non-GAAP financial information.

  1. The company recognized $84 million of pre-tax net special items in the second quarter of 2022, which principally included mark-to-market net unrealized losses associated with certain equity investments.

  2. Total debt includes debt, finance leases, operating lease liability and pension obligations.

About American Airlines Group
To Care for People on Life’s Journey®. Shares of American Airlines Group Inc. trade on Nasdaq under the ticker symbol AAL and the company’s stock is included in the S&P 500. Learn more about what’s happening at American by visiting news.aa.com and connect with American on Twitter @AmericanAir and at Facebook.com/AmericanAirlines.

Cautionary statement regarding forward-looking statements and information

Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about the company’s plans, objectives, expectations, intentions, estimates and strategies for the future, the continuing availability of borrowings under revolving lines of credit, and other statements that are not historical facts. These forward-looking statements are based on the company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. In particular, the consequences of the coronavirus outbreak to economic conditions and the travel industry in general and the financial position and operating results of the company in particular have been material, are changing rapidly, and cannot be predicted. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.


American Airlines Group Inc.

Condensed Consolidated Statements of Operations

(In millions, except share and per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Months Ended
June 30,

 

Percent
Increase

 

6 Months Ended
June 30,

 

Percent
Increase

 

 

 

2022

 

 

 

2021

 

 

(Decrease)

 

 

2022

 

 

 

2021

 

 

(Decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Passenger

 

$

12,223

 

 

$

6,545

 

 

86.8

 

 

$

20,041

 

 

$

9,724

 

 

nm

 

Cargo

 

 

328

 

 

 

326

 

 

0.5

 

 

 

692

 

 

 

641

 

 

7.8

 

Other

 

 

871

 

 

 

607

 

 

43.5

 

 

 

1,588

 

 

 

1,121

 

 

41.7

 

Total operating revenues

 

 

13,422

 

 

 

7,478

 

 

79.5

 

 

 

22,321

 

 

 

11,486

 

 

94.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aircraft fuel and related taxes

 

 

4,020

 

 

 

1,611

 

 

nm

 

(1)

 

6,522

 

 

 

2,644

 

 

nm

 

Salaries, wages and benefits

 

 

3,235

 

 

 

2,862

 

 

13.0

 

 

 

6,389

 

 

 

5,593

 

 

14.2

 

Regional expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regional operating expenses

 

 

992

 

 

 

558

 

 

77.5

 

 

 

1,964

 

 

 

1,102

 

 

78.1

 

Regional depreciation and amortization

 

 

80

 

 

 

77

 

 

3.4

 

 

 

160

 

 

 

159

 

 

0.7

 

Maintenance, materials and repairs

 

 

647

 

 

 

459

 

 

40.9

 

 

 

1,264

 

 

 

835

 

 

51.3

 

Other rent and landing fees

 

 

694

 

 

 

686

 

 

1.2

 

 

 

1,372

 

 

 

1,256

 

 

9.2

 

Aircraft rent

 

 

345

 

 

 

356

 

 

(2.9

)

 

 

698

 

 

 

706

 

 

(1.1

)

Selling expenses

 

 

504

 

 

 

277

 

 

82.2

 

 

 

836

 

 

 

427

 

 

95.8

 

Depreciation and amortization

 

 

504

 

 

 

481

 

 

4.8

 

 

 

995

 

 

 

959

 

 

3.8

 

Special items, net

 

 

(5

)

 

 

(1,288

)

 

(99.6

)

 

 

152

 

 

 

(2,996

)

 

nm

 

Other

 

 

1,389

 

 

 

958

 

 

45.0

 

 

 

2,675

 

 

 

1,675

 

 

59.8

 

Total operating expenses

 

 

12,405

 

 

 

7,037

 

 

76.3

 

 

 

23,027

 

 

 

12,360

 

 

86.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

1,017

 

 

 

441

 

 

nm

 

 

 

(706

)

 

 

(874

)

 

(19.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonoperating income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

29

 

 

 

5

 

 

nm

 

 

 

37

 

 

 

8

 

 

nm

 

Interest expense, net

 

 

(468

)

 

 

(486

)

 

(3.7

)

 

 

(932

)

 

 

(856

)

 

8.8

 

Other income, net

 

 

25

 

 

 

49

 

 

(50.4

)

 

 

118

 

 

 

158

 

 

(25.7

)

Total nonoperating expense, net

 

 

(414

)

 

 

(432

)

 

(4.0

)

 

 

(777

)

 

 

(690

)

 

12.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

603

 

 

 

9

 

 

nm

 

 

 

(1,483

)

 

 

(1,564

)

 

(5.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision (benefit)

 

 

127

 

 

 

(10

)

 

nm

 

 

 

(324

)

 

 

(333

)

 

(2.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

476

 

 

$

19

 

 

nm

 

 

$

(1,159

)

 

$

(1,231

)

 

(5.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.73

 

 

$

0.03

 

 

 

 

 

$

(1.78

)

 

$

(1.92

)

 

 

 

Diluted

 

$

0.68

 

 

$

0.03

 

 

 

 

 

$

(1.78

)

 

$

(1.92

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

650,346

 

 

 

644,123

 

 

 

 

 

 

649,925

 

 

 

639,366

 

 

 

 

Diluted

 

 

718,532

 

 

 

656,372

 

 

 

 

 

 

649,925

 

 

 

639,366

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Percent change may not recalculate due to rounding.

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Not meaningful or greater than 100% change.

 

 

 

 

 

 

 

 

 

 

 

 

 


American Airlines Group Inc.

Consolidated Operating Statistics (1)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Months Ended
June 30,

 

Increase

 

 

6 Months Ended
June 30,

 

Increase

 

 

 

2022

 

 

2021

 

 

(Decrease)

 

 

2022

 

 

2021

 

 

(Decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue passenger miles (millions)

 

57,516

 

 

42,022

 

 

36.9

 

%

 

101,806

 

 

64,486

 

 

57.9

 

%

Available seat miles (ASM) (millions)

 

66,163

 

 

54,555

 

 

21.3

 

%

 

125,697

 

 

92,319

 

 

36.2

 

%

Passenger load factor (percent)

 

86.9

 

 

77.0

 

 

9.9

 

pts

 

81.0

 

 

69.9

 

 

11.1

 

pts

Yield (cents)

 

21.25

 

 

15.57

 

 

36.4

 

%

 

19.69

 

 

15.08

 

 

30.5

 

%

Passenger revenue per ASM (cents)

 

18.47

 

 

12.00

 

 

54.0

 

%

 

15.94

 

 

10.53

 

 

51.4

 

%

Total revenue per ASM (cents)

 

20.29

 

 

13.71

 

 

48.0

 

%

 

17.76

 

 

12.44

 

 

42.7

 

%

Cargo ton miles (millions)

 

500

 

 

555

 

 

(9.8

)

%

 

1,036

 

 

1,087

 

 

(4.7

)

%

Cargo yield per ton mile (cents)

 

65.58

 

 

58.86

 

 

11.4

 

%

 

66.74

 

 

59.02

 

 

13.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel consumption (gallons in millions)

 

997

 

 

844

 

 

18.1

 

%

 

1,891

 

 

1,452

 

 

30.2

 

%

Average aircraft fuel price including related taxes (dollars per gallon)

 

4.03

 

 

1.91

 

 

nm

 

 

 

3.45

 

 

1.82

 

 

89.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating cost per ASM (cents)

 

18.75

 

 

12.90

 

 

45.3

 

%

 

18.32

 

 

13.39

 

 

36.8

 

%

Operating cost per ASM excluding net special items (cents)

 

18.76

 

 

15.57

 

 

20.5

 

%

 

18.20

 

 

17.05

 

 

6.8

 

%

Operating cost per ASM excluding net special items and fuel (cents)

 

12.68

 

 

12.61

 

 

0.5

 

%

 

13.01

 

 

14.18

 

 

(8.3

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Passenger enplanements (thousands)

 

53,068

 

 

44,019

 

 

20.6

 

%

 

95,790

 

 

68,256

 

 

40.3

 

%

Departures (thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mainline

 

260

 

 

220

 

 

18.1

 

%

 

501

 

 

372

 

 

34.5

 

%

Regional

 

243

 

 

247

 

 

(1.6

)

%

 

474

 

 

433

 

 

9.5

 

%

Total

 

503

 

 

467

 

 

7.7

 

%

 

975

 

 

805

 

 

21.1

 

%

Average stage length (miles):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mainline

 

1,181

 

 

1,172

 

 

0.8

 

%

 

1,170

 

 

1,186

 

 

(1.3

)

%

Regional

 

478

 

 

483

 

 

(1.0

)

%

 

481

 

 

492

 

 

(2.4

)

%

Total

 

841

 

 

808

 

 

4.2

 

%

 

835

 

 

813

 

 

2.7

 

%

Aircraft at end of period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mainline (2)

 

895

 

 

854

 

 

4.8

 

%

 

895

 

 

854

 

 

4.8

 

%

Regional (3)

 

576

 

 

559

 

 

3.0

 

%

 

576

 

 

559

 

 

3.0

 

%

Total

 

1,471

 

 

1,413

 

 

4.1

 

%

 

1,471

 

 

1,413

 

 

4.1

 

%

Full-time equivalent employees at end of period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mainline

 

102,100

 

 

91,100

 

 

12.1

 

%

 

102,100

 

 

91,100

 

 

12.1

 

%

Regional (4)

 

27,100

 

 

26,300

 

 

3.0

 

%

 

27,100

 

 

26,300

 

 

3.0

 

%

Total

 

129,200

 

 

117,400

 

 

10.1

 

%

 

129,200

 

 

117,400

 

 

10.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Amounts may not recalculate due to rounding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Unless otherwise noted, operating statistics include mainline and regional operations. Regional includes wholly-owned regional airline subsidiaries and operating results from capacity purchase carriers.

(2) Excludes 20 Boeing 737-800 mainline aircraft that are in temporary storage at June 30, 2022.

(3) Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excludes 15 Embraer 145 and four Embraer 170 regional aircraft that are in temporary storage at June 30, 2022.

(4) Regional full-time equivalent employees only include our wholly-owned regional airline subsidiaries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


American Airlines Group Inc.

Consolidated Revenue Statistics by Region

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Months Ended
June 30,

 

Increase

 

 

6 Months Ended
June 30,

 

Increase

 

 

 

2022

 

 

2021

 

 

(Decrease)

 

 

2022

 

 

2021

 

 

(Decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue passenger miles (millions)

 

39,488

 

 

34,871

 

 

13.2

 

%

 

72,120

 

 

53,408

 

 

35.0

 

%

Available seat miles (ASM) (millions)

 

43,948

 

 

41,037

 

 

7.1

 

%

 

85,821

 

 

68,989

 

 

24.4

 

%

Passenger load factor (percent)

 

89.9

 

 

85.0

 

 

4.9

 

pts

 

84.0

 

 

77.4

 

 

6.6

 

pts

Passenger revenue (dollars in millions)

 

9,120

 

 

5,444

 

 

67.5

 

%

 

15,180

 

 

8,099

 

 

87.4

 

%

Yield (cents)

 

23.10

 

 

15.61

 

 

47.9

 

%

 

21.05

 

 

15.16

 

 

38.8

 

%

Passenger revenue per ASM (cents)

 

20.75

 

 

13.27

 

 

56.4

 

%

 

17.69

 

 

11.74

 

 

50.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue passenger miles (millions)

 

8,424

 

 

5,970

 

 

41.1

 

%

 

16,077

 

 

9,546

 

 

68.4

 

%

Available seat miles (millions)

 

9,801

 

 

8,461

 

 

15.8

 

%

 

20,112

 

 

16,326

 

 

23.2

 

%

Passenger load factor (percent)

 

86.0

 

 

70.6

 

 

15.4

 

pts

 

79.9

 

 

58.5

 

 

21.4

 

pts

Passenger revenue (dollars in millions)

 

1,534

 

 

936

 

 

63.9

 

%

 

2,761

 

 

1,417

 

 

94.8

 

%

Yield (cents)

 

18.21

 

 

15.68

 

 

16.1

 

%

 

17.17

 

 

14.85

 

 

15.6

 

%

Passenger revenue per ASM (cents)

 

15.65

 

 

11.06

 

 

41.5

 

%

 

13.73

 

 

8.68

 

 

58.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Atlantic