American Airlines' parent lost $1.7 billion in 1Q
BY D.R. STEWART, World Business Writer
Thursday, April 19, 2012
4/19/12 at 12:19 PM
AMR Corp., the bankrupt parent of American Airlines, reported Thursday a first-quarter net loss of $1.7 billion, driven by $1.4 billion of bankruptcy restructuring costs and higher fuel bills, compared with 2011’s first-quarter net loss of $436 million.
Excluding bankruptcy costs and other special items, the airline would have lost $248 million.
AMR posted first-quarter revenue of $6 billion, a 9.1 percent increase compared with last year’s first quarter.
Consolidated passenger revenue per available seat mile - revenue at both American Airlines and American Eagle, its regional airline affiliate - increased 10.3 percent compared with the first quarter of 2011, and mainline passenger unit revenue increased 10 percent.
“The company’s revenue performance was driven by significant demand and a positive pricing environment that resulted in higher load factors and better yields,” the company said.
“Domestic unit revenues increased across all five of the company’s hubs” of Dallas
Fort Worth, Chicago, Los Angeles, New York and Miami, company executives said.
“International performance was improved across all regions, with unit revenue in the Atlantic entity increasing by 9.7 percent in the first quarter 2012 versus the same period last year...”
First-quarter operating expenses were $6.1 billion, a 6.6 percent increase compared with last year’s first quarter.
AMR paid an average $3.24 per gallon for jet fuel in the first quarter, up from $2.76 in 2011’s first quarter, which increased its first quarter fuel bill to $324 million more for fuel than it paid in the same period a year ago.
Associated Images:
An American Airlines plane sits on the tarmac at Tulsa International Airport. AMR Corp., the bankrupt parent of American Airlines, reported Thursday a first-quarter net loss of $1.7 billion, driven by $1.4 billion of bankruptcy restructuring costs and higher fuel bills, compared with 2011’s first-quarter net loss of $436 million. MATT BARNARD/Tulsa World
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