First Time Since the Pandemic Began, American Airlines Reports Second-Quarter 2022 Profitable Financial Results

First Time Since the Pandemic Began, American Airlines Reports Second-Quarter 2022 Profitable Financial Results

Airlines 2022-07-31
American Airlines, the major US air carrier, as well as the world's largest airline, reported that it ended the second quarter of this year with a record revenue of $13.4 billion – it's a 79.5% increase over a year earlier and, moreover, a 12.2% increase over 2019. At the same time, the airline's flight workload remains still 8.5% below pre-pandemic levels, and many flights were canceled during the second quarter due to staff shortages.

Thanks to this, American is back to profitability – for the first time since the Covid-19 pandemic started. The company's net income, excluding government aid, was $476 million, or $0.68 per share.

Nevertheless, the airline's problems aren't over. It warned that its costs would rise in the next quarter and that the number of flights flown would be lower than planned. What's more, American Airlines now predicts that flight occupancy will be 8 to 10% below pre-pandemic levels. Previously, the airline had hoped to reduce this rate to 6-8%. As a consequence, the company's shares are losing more than 8% in price.

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