American Airlines Q3 pre-tax earnings $835 million
Topics: AMERICAN AIRLINES
Pre-tax earnings excluding net special items for the third quarter of 2019 were $835 million, a 16% year-over-year increase from the third quarter of 2018.
Excluding net special items, net income was $630 million, or $1.42 per diluted share.
Strong passenger demand drove a 3% year-over-year increase in third-quarter 2019 total revenue to a record $11.9 billion.
Driven by a 3 percentage point increase in total passenger load factor, passenger revenue per available seat mile (PRASM) grew 3% to a record 14.50 cents.
Cargo revenue decreased 20% to $208 million due primarily to a 17% decrease in cargo ton miles.
Other revenue was down 4% to $708 million.
Third-quarter 2019 TRASM increased by 2% year over year to a record 15.71 cents on a 1% increase in total available seat miles, marking the 12th consecutive quarter of growth.
Total third-quarter 2019 operating expenses were $11.1 billion, up 2% year over year.
Total operating cost per available seat mile (CASM) was 14.64 cents in the third quarter of 2019, up 1% from the third quarter of 2018.
Excluding fuel and net special items, third-quarter 2019 CASM was 11.07 cents, up 5% year over year due primarily to higher salaries and benefits, maintenance and regional expense, and lower than planned capacity. ■