American moves into full year profit
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American Airlines Group has moved into a GAAP net profit of US$2.9 billion a year after American Airlines merged with US Airways.
The result is in comparison to the GAAP net loss of US$1.8 billion for AMR Corporation, which only includes US Airways results from 9 December when the merger was finalised through to year-end.
Excluding special charges its net profit more than doubled to US$4.2 billion.
Doug Parker, American Airlines Group chairman and CEO said the results were down to the efforts of its team and is confident moving into 2015.
“We have much to do in the year ahead as we continue to integrate two large carriers. The results we have achieved thus far, combined with our economic outlook, give us confidence that 2015 will be another outstanding year for American Airlines,” he said.
Cheaper oil prices have also helped its results, with the carrier potentially saving US$5 billion compared to last year on fuel costs. However Parker said the company would ‘continue to run as if oil was $100 a barrel’.
Its share repurchase scheme announced in July is complete a year ahead of expiration and it returned US$959 million to shareholders in quarterly dividends and the repurchase of shares.
This year the airline will commence flights from Birmingham to New York JFK and will add second daily services from Heathrow to Los Angeles International and Philadelphia.
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