American Airlines second quarter profit tops estimates amid travel boom
2023.07.20 07:42
© Reuters.
Investing.com — American Airlines Group (NASDAQ:) has reported better-than-anticipated profit in the second quarter in a sign of continued strength in the post-pandemic recovery in air travel.
Adjusted net income for the three-month period climbed to $1.37 billion from $533 million in the same timeframe last year, beating Bloomberg consensus estimates of $1.12B. of $1.92 on an adjusted basis also topped expectations.
The carrier has received a boost from a decline in jet fuel costs and broad-based passenger demand, particularly during the U.S. Memorial Day weekend in late May. The momentum kept going into June despite weather issues and air traffic control shortages that have recently hit the U.S. airline industry.
Both domestic and short-haul international revenue remained solid, American added, while there has been a “noticeable” resilience in long-haul demand. Revenue, in turn, jumped by 4.7% year-on-year to a record $14.1B.
“Our operation is performing at historically strong levels, and we have worked to refresh our fleet and build a comprehensive global network,” said chief executive Robert Isom in a statement.
