Second-quarter net income of
Record second-quarter revenue of
Ended the second quarter with
Company continues to execute on its plan to pay down approximately
'We are very pleased to report a quarterly profit, excluding net special items, for the first time since the start of the pandemic, driven by the strong demand environment and the hard work of our team,' said American's CEO
Running a reliable operation
In the second quarter, American flew a schedule that was more than 25% larger than its closest competitor as measured by total departures. American and its regional partners operated more than 500,000 flights in the quarter, an 8% increase over the second quarter of 2021, with an average load factor of 87%, which is 10 points higher than the second quarter of 2021. Despite a challenging operating environment in June, American's on-time departure rate, on-time arrival rate and completion factor for the second quarter of 2022 were each improved versus the second quarter of 2019.
American is proud to offer customers the youngest fleet among
Returning to profitability
American produced revenues of
Domestic leisure travel remains very strong and surpassed 2019 levels in the second quarter and American also saw improvements in corporate and government revenue in the quarter. Demand for international travel also improved steadily during the second quarter and the company expects this to continue following the lifting of the COVID-19 testing requirement for inbound travel to the
Liquidity and balance sheet
American ended the second quarter with
In the second quarter, the company made
Guidance and investor update
American will continue to match its forward capacity with the resources required to support its operation. Based on current trends, the company expects its third-quarter total revenue to be 10% to 12% higher versus the third quarter of 2019 on 8% to 10% lower capacity. Based on these demand trends and the current fuel price forecast, the company expects to be profitable in the third quarter.
For additional financial forecasting detail, please refer to the company's investor update, filed with this press release with the
Conference call and webcast details
The company will conduct a live audio webcast of its financial results conference call at
Notes
See the accompanying notes in the financial tables section of this press release for further explanation, including a reconciliation of all GAAP to non-GAAP financial information.
1 The company recognized
2 Total debt includes debt, finance leases, operating lease liability and pension obligations.
Financial results
Click the link below to download the second-quarter 2022 financial results.
https://s21.q4cdn.com/616071541/files/doc_news/2022/07/2Q22-Financials.pdf
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Cautionary statement regarding forward-looking statements and information
Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as 'may,' 'will,' 'expect,' 'intend,' 'anticipate,' 'believe,' 'estimate,' 'plan,' 'project,' 'could,' 'should,' 'would,' 'continue,' 'seek,' 'target,' 'guidance,' 'outlook,' 'if current trends continue,' 'optimistic,' 'forecast' and other similar words. Such statements include, but are not limited to, statements about the company's plans, objectives, expectations, intentions, estimates and strategies for the future, the continuing availability of borrowings under revolving lines of credit, and other statements that are not historical facts. These forward-looking statements are based on the company's current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in the company's Quarterly Report on Form 10-Q for the quarter ended
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