American Airlines posts $169 million profit on taxpayer help

Oct 21, 2021, 4:51 AM | Updated: 5:01 am

FORT WORTH, Texas (AP) — American Airlines is reporting a third-quarter profit of $169 million after collecting nearly $1 billion in federal pandemic aid, and it expects big crowds and more flights during the upcoming holidays.

The airline felt the late-summer impact of the highly contagious delta variant of COVID-19, which caused a slowdown in bookings and a rise in cancellations across the industry.

“While the rise of the COVID-19 delta variant delayed some of our revenue recovery, it has not stopped our progress,” said Chairman and CEO Doug Parker.

American said Thursday that it expects fourth-quarter revenue to be down 20% compared with the same quarter in pre-pandemic 2019.

The Fort Worth, Texas-based airline said passenger-carrying capacity in the fourth quarter will be only 11% to 13% below than the third quarter of 2019.

American plans to operate more than 6,000 flights a day during peak days in the fourth quarter. That compares with an average of just more than 5,600 flights a day during the third quarter, which included most of the summer vacation season.

Parker said that steps to pare its fleet of planes and reduce costs — thousands of workers quit last year — have left American in good position “as the recovery takes hold.”

American’s profit of $169 million was possible because of $992 million in federal pandemic relief. Without taxpayer help, and other special items, American would have lost $641 million, or 99 cents per share.

Analysts surveyed by FactSet had expected American to lose $1.04 per share.

Revenue was $8.97 billion. That was slightly better than analysts’ mean forecast of $8.92 billion, but it was down 25% from the same quarter in 2019, a sign of how far airlines still have to go to fully recover from the pandemic.

Shares of American Airlines Group Inc. rose 1% in early trading before Thursday’s session.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

Details released on extra tolls for New York City drivers

NEW YORK (AP) — Drivers entering the heart of New York City would pay an extra $9 to $23 as soon as the end of next year under a plan aimed at reducing congestion in the country’s most congested city. Details on the plan, known as congestion pricing, were included in an environmental assessment released […]
11 hours ago
Wisconsin Democratic Gov. Tony Evers, is joined by his running mate state Rep. Sarah Rodriguez, as ...
Associated Press

Trump ties may come back to haunt in swing state Wisconsin

MADISON, Wis. (AP) — Donald Trump reasserted his grip on Republicans in Wisconsin’s primary, but both Democrats and Republicans said Wednesday that the former president’s involvement in key races for governor and U.S. Senate could come back to hurt them in the swing state. Trump’s pick for governor, construction company co-owner Tim Michels, beat out […]
11 hours ago
Associated Press

Wisconsin woman in Slender Man attack drops release request

WAUKESHA, Wis. (AP) — One of two Wisconsin women who were sent to a state mental health facility after a 2014 stabbing attack on a sixth-grade classmate that they claimed was to appease the horror character Slender Man has withdrawn her petition for release. In June, Morgan Geyser, 20, asked Waukesha County Judge Michael Bohren […]
11 hours ago
Associated Press

Editorial Roundup: United States

Excerpts from recent editorials in the United States and abroad: Aug. 8 The Wall Street Journal on Trump’s Senate nominees: Donald Trump now has the Senate nominees he wanted to win Republican primaries. We’ll soon learn if they can win in November, or if candidates with little experience and a focus on Mr. Trump’s 2020 […]
11 hours ago
FILE - A sign-carrying anti-gay protester is surrounded by a sea of Pride umbrellas during the Prid...
Associated Press

Florida’s ‘Don’t Say Gay’ law fuels anti-LGBTQ hate online

Research that analyzed social media posts finds that hateful references to gays, lesbians and other LGBTQ people surged online after Florida passed a law that bars instruction on sexual orientation and gender identity in kindergarten through third grade. References to pedophiles and ” grooming ” rose by more than 400 percent in the month after […]
11 hours ago
Follow @ktar923...
Sponsored Content by Day & Night Air Conditioning, Heating and Plumbing

Here are 4 signs the HVAC unit needs to be replaced

Pool renovations and kitchen upgrades may seem enticing, but at the forefront of these investments arguably should be what residents use the most. In a state where summertime is sweltering, access to a functioning HVAC unit can be critical.

Sponsored Articles

(Courtesy Condor)...
Condor Airlines

Condor Airlines shows passion for destinations from Sky Harbor with new-look aircraft

Condor Airlines brings passion to each flight and connects people to their dream destinations throughout the world.
...
Carla Berg, MHS, Deputy Director, Public Health Services, Arizona Department of Health Services

Vaccines are safe if you are pregnant or breastfeeding

Are you pregnant? Do you have a friend or loved one who’s expecting?
...
Carla Berg, MHS, Deputy Director, Public Health Services, Arizona Department of Health Services

Update your child’s vaccines before kindergarten

So, your little one starts kindergarten soon. How exciting! You still have a few months before the school year starts, so now’s the time to make sure students-to-be have the vaccines needed to stay safe as they head into a new chapter of life.
American Airlines posts $169 million profit on taxpayer help