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American Airlines Reports Third-Quarter 2022 Financial Results

American Airlines, Inc.
American Airlines, Inc.

FORT WORTH, Texas, Oct. 20, 2022 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2022 financial results, including:

  • Third-quarter net income of $483 million, or $0.69 per diluted share. Excluding net special items1, third-quarter net income of $478 million, or $0.69 per diluted share.

  • Record quarterly revenue of $13.5 billion, which represents a 13% increase over the same period in 2019, despite flying 9.6% less capacity.

  • Ended the third quarter with $14.3 billion of total available liquidity, more than double the total available liquidity at year-end 2019.

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

“The American Airlines team continues to deliver on our goals of running a reliable operation and returning to profitability,” said American’s CEO Robert Isom. “Demand remains strong, and it’s clear that customers in the U.S. and other parts of the world continue to value air travel and the ability to reconnect post-pandemic. American has the youngest, most fuel-efficient fleet among U.S. network carriers, and we are well-positioned for the future because of the incredible efforts of our team.”

Running a reliable operation
In the third 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, with an average load factor of 85.3%, which is 6.6 points higher than the third quarter of 2021. Despite a challenging operating environment — with hurricanes in Florida and the Caribbean and flooding in Dallas-Fort Worth — American restored its operating reliability to pre-pandemic levels in the third quarter. American has delivered a record on-time arrival rate and completion factor so far in October, and expects to carry this momentum through the upcoming holiday season and beyond.

American is proud to offer customers the largest network of any U.S. airline, with an expected average of more than 5,100 daily departures for the remainder of the year.

Returning to profitability
American produced revenues of $13.5 billion in the third quarter, a 13% increase versus 2019 and a record for any quarter in company history. This record revenue was achieved while flying 9.6% less capacity than the same period in 2019. The company produced an operating margin excluding net special items of 7.2% in the quarter.

Demand for domestic and short-haul international travel remains very strong, and the airline expects further improvement in demand for long-haul international travel as travel restrictions and testing requirements are lifted around the globe.

Liquidity and balance sheet
American ended the third quarter with $14.3 billion of total available liquidity, comprising cash and short-term investments plus undrawn capacity under revolving and other credit facilities. Total debt reduction continues to be a top priority, and the company remains on track to reduce total debt levels by $15 billion by the end of 2025.

In the third quarter, the company made approximately $380 million in scheduled debt and finance lease payments. As of Sept. 30, 2022, American had reduced its total debt by $5.6 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 fourth-quarter total revenue to be 11% to 13% higher versus the fourth quarter of 2019 on 5% to 7% lower capacity. With these demand trends and the current fuel price forecast and excluding the impact of special items, the company expects to produce an operating margin3 of between 5.5% and 7.5% in the fourth quarter. Based on today’s guidance, American expects its fourth-quarter 2022 earnings per diluted share excluding net special items3 to be between $0.50 and $0.70.

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. CT 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 Nov. 20.

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 $18 million of pre-tax net special credits in the third quarter of 2022, which principally included $57 million of nonoperating special credits for mark-to-market net unrealized gains associated with certain equity investments, offset in part by $39 million of operating net special charges.

  2. All references to total debt include debt, finance leases, operating lease liability and pension obligations.

  3. Operating margin and earnings per diluted share guidance excludes the impact of net special items. The company is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of net special items cannot be determined at this time.

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 September 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
September 30,

 

Percent
Increase

 

9 Months Ended
September 30,

 

Percent
Increase

 

 

 

2022

 

 

 

2021

 

 

(Decrease)

 

 

2022

 

 

 

2021

 

 

(Decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Passenger

 

$

12,396

 

 

$

7,957

 

 

55.8

 

 

$

32,438

 

 

$

17,682

 

 

83.5

 

Cargo

 

 

279

 

 

 

332

 

 

(15.9

)

 

 

970

 

 

 

973

 

 

(0.3

)

Other

 

 

787

 

 

 

680

 

 

15.8

 

 

 

2,375

 

 

 

1,800

 

 

31.9

 

Total operating revenues

 

 

13,462

 

 

 

8,969

 

 

50.1

 

 

 

35,783

 

 

 

20,455

 

 

74.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Aircraft fuel and related taxes

 

 

3,847

 

 

 

1,952

 

 

97.1

 

 

 

10,369

 

 

 

4,596

 

 

nm

 

Salaries, wages and benefits

 

 

3,384

 

 

 

3,018

 

 

12.1

 

 

 

9,773

 

 

 

8,611

 

 

13.5

 

Regional expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Regional operating expenses

 

 

1,093

 

 

 

809

 

 

35.1

 

 

 

3,058

 

 

 

1,912

 

 

59.9

 

Regional depreciation and amortization

 

 

81

 

 

 

78

 

 

3.7

 

 

 

240

 

 

 

236

 

 

1.7

 

Maintenance, materials and repairs

 

 

685

 

 

 

548

 

 

25.1

 

 

 

1,949

 

 

 

1,383

 

 

40.9

 

Other rent and landing fees

 

 

710

 

 

 

694

 

 

2.3

 

 

 

2,081

 

 

 

1,950

 

 

6.8

 

Aircraft rent

 

 

347

 

 

 

358

 

 

(3.0

)

 

 

1,045

 

 

 

1,064

 

 

(1.8

)

Selling expenses

 

 

495

 

 

 

318

 

 

55.7

 

 

 

1,331

 

 

 

745

 

 

78.7

 

Depreciation and amortization

 

 

491

 

 

 

480

 

 

2.1

 

 

 

1,486

 

 

 

1,439

 

 

3.2

 

Special items, net

 

 

37

 

 

 

(990

)

 

nm

 

(1)

 

189

 

 

 

(3,986

)

 

nm

 

Other

 

 

1,362

 

 

 

1,109

 

 

22.9

 

 

 

4,037

 

 

 

2,784

 

 

45.1

 

Total operating expenses

 

 

12,532

 

 

 

8,374

 

 

49.7

 

 

 

35,558

 

 

 

20,734

 

 

71.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

930

 

 

 

595

 

 

56.3

 

 

 

225

 

 

 

(279

)

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonoperating income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

70

 

 

 

5

 

 

nm

 

 

 

107

 

 

 

13

 

 

nm

 

Interest expense, net

 

 

(499

)

 

 

(476

)

 

4.8

 

 

 

(1,430

)

 

 

(1,332

)

 

7.4

 

Other income, net

 

 

157

 

 

 

82

 

 

91.1

 

 

 

274

 

 

 

241

 

 

14.1

 

Total nonoperating expense, net

 

 

(272

)

 

 

(389

)

 

(30.0

)

 

 

(1,049

)

 

 

(1,078

)

 

(2.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

658

 

 

 

206

 

 

nm

 

 

 

(824

)

 

 

(1,357

)

 

(39.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision (benefit)

 

 

175

 

 

 

37

 

 

nm

 

 

 

(148

)

 

 

(296

)

 

(49.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

483

 

 

$

169

 

 

nm

 

 

$

(676

)

 

$

(1,061

)

 

(36.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.74

 

 

$

0.26

 

 

 

 

$

(1.04

)

 

$

(1.65

)

 

 

Diluted

 

$

0.69

 

 

$

0.25

 

 

 

 

$

(1.04

)

 

$

(1.65

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

650,586

 

 

 

648,564

 

 

 

 

 

650,145

 

 

 

642,432

 

 

 

Diluted

 

 

715,985

 

 

 

721,142

 

 

 

 

 

650,145

 

 

 

642,432

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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
September 30,

 

Increase

 

 

9 Months Ended
September 30,

 

Increase

 

 

 

2022

 

 

2021

 

 

(Decrease)

 

 

2022

 

 

2021

 

 

(Decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue passenger miles (millions)

 

58,499

 

 

48,069

 

 

21.7

 

%

 

160,305

 

 

112,555

 

 

42.4

 

%

Available seat miles (ASM) (millions)

 

68,567

 

 

61,111

 

 

12.2

 

%

 

194,264

 

 

153,431

 

 

26.6

 

%

Passenger load factor (percent)

 

85.3

 

 

78.7

 

 

6.6

 

pts

 

82.5

 

 

73.4

 

 

9.1

 

pts

Yield (cents)

 

21.19

 

 

16.55

 

 

28.0

 

%

 

20.23

 

 

15.71

 

 

28.8

 

%

Passenger revenue per ASM (cents)

 

18.08

 

 

13.02

 

 

38.8

 

%

 

16.70

 

 

11.52

 

 

44.9

 

%

Total revenue per ASM (cents)

 

19.63

 

 

14.68

 

 

33.8

 

%

 

18.42

 

 

13.33

 

 

38.2

 

%

Cargo ton miles (millions)

 

478

 

 

510

 

 

(6.2

)

%

 

1,514

 

 

1,597

 

 

(5.2

)

%

Cargo yield per ton mile (cents)

 

58.30

 

 

65.02

 

 

(10.3

)

%

 

64.07

 

 

60.94

 

 

5.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel consumption (gallons in millions)

 

1,031

 

 

941

 

 

9.5

 

%

 

2,922

 

 

2,393

 

 

22.1

 

%

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

 

3.73

 

 

2.07

 

 

79.9

 

%

 

3.55

 

 

1.92

 

 

84.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating cost per ASM (cents)

 

18.28

 

 

13.70

 

 

33.4

 

%

 

18.30

 

 

13.51

 

 

35.5

 

%

Operating cost per ASM excluding net special items (cents)

 

18.22

 

 

15.43

 

 

18.1

 

%

 

18.21

 

 

16.40

 

 

11.0

 

%

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

 

12.61

 

 

12.24

 

 

3.0

 

%

 

12.87

 

 

13.41

 

 

(4.0

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Passenger enplanements (thousands)

 

52,564

 

 

48,129

 

 

9.2

 

%

 

148,353

 

 

116,384

 

 

27.5

 

%

Departures (thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mainline

 

273

 

 

245

 

 

11.6

 

%

 

775

 

 

618

 

 

25.4

 

%

Regional

 

228

 

 

263

 

 

(13.4

)

%

 

702

 

 

696

 

 

0.8

 

%

Total

 

501

 

 

508

 

 

(1.3

)

%

 

1,477

 

 

1,314

 

 

12.4

 

%

Average stage length (miles):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mainline

 

1,175

 

 

1,171

 

 

0.4

 

%

 

1,172

 

 

1,180

 

 

(0.7

)

%

Regional

 

476

 

 

482

 

 

(1.3

)

%

 

479

 

 

489

 

 

(1.9

)

%

Total

 

857

 

 

814

 

 

5.3

 

%

 

842

 

 

813

 

 

3.6

 

%

Aircraft at end of period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mainline (2)

 

908

 

 

857

 

 

6.0

 

%

 

908

 

 

857

 

 

6.0

 

%

Regional (3)

 

553

 

 

557

 

 

(0.7

)

%

 

553

 

 

557

 

 

(0.7

)

%

Total

 

1,461

 

 

1,414

 

 

3.3

 

%

 

1,461

 

 

1,414

 

 

3.3

 

%

Full-time equivalent employees at end of period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mainline

 

102,200

 

 

94,000

 

 

8.7

 

%

 

102,200

 

 

94,000

 

 

8.7

 

%

Regional (4)

 

27,500

 

 

25,800

 

 

6.6

 

%

 

27,500

 

 

25,800

 

 

6.6

 

%

Total

 

129,700

 

 

119,800

 

 

8.3

 

%

 

129,700

 

 

119,800

 

 

8.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 14 Boeing 737-800 mainline aircraft that are in temporary storage at September 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 30 Embraer 145, 13 Bombardier CRJ 700, five Bombardier CRJ 900 and five Embraer 170 regional aircraft that are in temporary storage at September 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
September 30,

 

Increase

 

 

9 Months Ended
September 30,

 

Increase

 

 

 

2022

 

 

2021

 

 

(Decrease)

 

 

2022

 

 

2021

 

 

(Decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue passenger miles (millions)

 

39,226

 

 

38,869

 

 

0.9

 

%

 

111,346

 

 

92,277

 

 

20.7

 

%

Available seat miles (ASM) (millions)

 

45,686

 

 

46,505

 

 

(1.8

)

%

 

131,507

 

 

115,494

 

 

13.9

 

%

Passenger load factor (percent)

 

85.9

 

 

83.6

 

 

2.3

 

pts

 

84.7

 

 

79.9

 

 

4.8

 

pts

Passenger revenue (dollars in millions)

 

8,786

 

 

6,547

 

 

34.2

 

%

 

23,966

 

 

14,646

 

 

63.6

 

%

Yield (cents)

 

22.40

 

 

16.84

 

 

33.0

 

%

 

21.52

 

 

15.87

 

 

35.6

 

%

Passenger revenue per ASM (cents)

 

19.23

 

 

14.08

 

 

36.6

 

%

 

18.22

 

 

12.68

 

 

43.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue passenger miles (millions)

 

8,012

 

 

5,759

 

 

39.1

 

%

 

24,088

 

 

15,306

 

 

57.4

 

%

Available seat miles (millions)

 

9,166

 

 

7,733

 

 

18.5

 

%

 

29,278

 

 

24,059

 

 

21.7

 

%

Passenger load factor (percent)

 

87.4

 

 

74.5

 

 

12.9

 

pts

 

82.3

 

 

63.6

 

 

18.7

 

pts

Passenger revenue (dollars in millions)

 

1,596

 

 

957

 

 

66.8

 

%

 

4,357

 

 

2,375

 

 

83.5

 

%

Yield (cents)

 

19.92

 

 

16.62

 

 

19.9

 

%

 

18.09

 

 

15.52

 

 

16.6

 

%

Passenger revenue per ASM (cents)

 

17.41

 

 

12.38

 

 

40.7

 

%

 

14.88

 

 

9.87

 

 

50.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Atlantic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue passenger miles (millions)

 

10,623

 

 

3,163

 

 

nm

 

 

 

23,273

 

 

4,302

 

 

nm

 

 

Available seat miles (millions)

 

12,945

 

 

6,035

 

 

nm

 

 

 

30,955

 

 

11,222

 

 

nm

 

 

Passenger load factor (percent)

 

82.1

 

 

52.4

 

 

29.7

 

pts

 

75.2

 

 

38.3

 

 

36.9

 

pts

Passenger revenue (dollars in millions)

 

1,901

 

 

408

 

 

nm

 

 

 

3,848

 

 

555

 

 

nm

 

 

Yield (cents)

 

17.89

 

 

12.90

 

 

38.7

 

%

 

16.53

 

 

12.90

 

 

28.2

 

%

Passenger revenue per ASM (cents)

 

14.68

 

 

6.76

 

 

nm

 

 

 

12.43

 

 

4.94

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue passenger miles (millions)

 

638

 

 

278

 

 

nm

 

 

 

1,598

 

 

670

 

 

nm

 

 

Available seat miles (millions)

 

770

 

 

838

 

 

(8.2

)

%

 

2,524

 

 

2,656

 

 

(5.0

)

%

Passenger load factor (percent)

 

82.9

 

 

33.1

 

 

49.8

 

pts

 

63.3

 

 

25.2

 

 

38.1

 

pts

Passenger revenue (dollars in millions)

 

113

 

 

45

 

 

nm

 

 

 

267

 

 

106

 

 

nm

 

 

Yield (cents)

 

17.74

 

 

16.35

 

 

8.5

 

%

 

16.66

 

 

15.85

 

 

5.1

 

%

Passenger revenue per ASM (cents)

 

14.71

 

 

5.42

 

 

nm

 

 

 

10.55

 

 

4.00

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue passenger miles (millions)

 

19,273

 

 

9,200

 

 

nm

 

 

 

48,959

 

 

20,278

 

 

nm

 

 

Available seat miles (millions)

 

22,881

 

 

14,606

 

 

56.7

 

%

 

62,757