American Airlines Group Inc. has just reported its second-Quarter 2023 financial results, including:
Record quarterly revenue of $14.1 billion, a 4.7% increase year over year.
Second-quarter net income of $1.3 billion, or $1.88 per diluted share. Excluding net special items1, second-quarter net income of $1.4 billion, or $1.92 per diluted share.
Generated operating cash flow of $1.8 billion and free cash flow of $1.2 billion in the second quarter.
Ended the quarter with $14.9 billion of total available liquidity.
Raising full-year adjusted EPS2 guidance to between $3.00 and $3.75 per diluted share.
Credit rating upgraded two notches to B+ by Fitch.
“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’s CEO Robert Isom. “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. We will build on this momentum the rest of the year and continue to prioritize reliability, profitability, accountability and strengthening our balance sheet.”
Running a reliable operation
The American Airlines team delivered a strong operational performance during the quarter, achieving its best-ever second-quarter Completion Factor and controllable completion factor3. American and its regional partners operated nearly 500,000 flights in the second quarter, with an average load factor of approximately 86%.
American delivered a record Memorial Day weekend mainline completion factor and controllable completion factor, while operating its largest-ever mainline Memorial Day weekend schedule. The momentum continued into June, with the American team delivering a record June completion factor and controllable completion factor, despite weather and air traffic control challenges. In the second quarter, American achieved its best-ever April, May and June controllable completion factors3 and delivered 11 more combined zero-cancellation days versus the same period last year.
Returning to profitability
American produced record quarterly revenues of $14.1 billion in the second quarter. The strong revenue performance was driven by continued broad-based demand strength and American’s completion factor performance in the quarter. Demand was particularly strong in the month of June driven by an increase in close-in bookings. Domestic and short-haul international revenue continue to perform well, and the airline has seen noticeable strength in long-haul international demand and yield performance.
In the second quarter, the company produced an operating margin of 15.4% and net income of $1.3 billion on a GAAP basis. Excluding net special items1, American produced net income of $1.4 billion in the second quarter.
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