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American Airlines Q2 GAAP net profit $864 million

Staff writer |
American Airlines Group reported its second quarter 2014 results. American reported a record GAAP net profit of $864 million.

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This compares to a GAAP net profit of $220 million in the second quarter 2013, for AMR Corporation prior to the merger.

The Company believes it is more meaningful to compare year-over-year results for American Airlines and US Airways excluding special charges and on a combined basis, which is a non-GAAP formulation that combines the results for AMR Corporation and US Airways Group.

On this basis, second quarter 2014 net profit excluding net special charges was $1.5 billion, a record for any quarter in the history of the Company. This represents a 114 percent improvement over the combined non-GAAP net profit of $681 million excluding net special charges for the same period in 2013.

As of June 30, 2014, American had approximately $10.3 billion in total cash and short-term investments, of which $882 million was restricted. The company also has an undrawn revolving credit facility of $1 billion.

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