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Fort Worth-based American Airlines Group Inc. (NASDAQ: AAL) reported net income in the second quarter of $1.34 billion, or $1.88 a share, up from $476 million, or 68 cents a share in the same period a year earlier, the company said on Thursday.
Record revenue of $14.1 billion topped analysts’ expectations and was up 4.7% from a year earlier.
The airline’s flying capacity was up 5.3% from a year ago.
The airline expects to earn between $3 and $3.75 a share for the full year, adjusting for one-time items, up from a forecast in May to earn about $2.50 to $3.50.
“It was another fantastic quarter for American, driven by the hard work of our team to deliver a reliable operation for our customers and the continued strong demand for our product,” said American CEO Robert Isom in a statement. “Our operation is performing at historically strong levels, and we have worked to refresh our fleet and build a comprehensive global network, all of which helped to produce record revenues in the second quarter.”
For the third quarter, American said it expects to earn an adjusted 85 cents to 95 cents per share, based on demand trends and current fuel price forecasts and excluding the impact of special items.
Adjusting for one-time items, including costs associated with planes retired early in the pandemic, the company’s earnings per share was $1.92, besting analysts’ forecast $1.59. The $14.1 billion in total revenue beat the expected $13.7 billion.
“We will build on this momentum the rest of the year and continue to prioritize reliability, profitability, accountability and strengthening our balance sheet,” Isom said.