American Airlines reported a 39 percent drop in cargo revenue at $223 million for the first quarter that ended March 31, 2023, on 21 per cent decline in cargo tonne miles to 422 million from 536 million in Q12022. Cargo yield per tonne mile was down 22 percent to 52.75 cents from 67.81 cents. Total operating revenue increased 37 per centt to $12.2 billion on 42 per cent increase in passenger revenue at $11.1 billion. While operating income was $438 million, net income came in at $10 million.
“The American Airlines team ran a great operation and delivered on our financial guidance for the quarter, resulting in a first-quarter profit for the first time in four years,” says Robert Isom, CEO, American Airlines. “Looking ahead to the remainder of 2023, we remain focused on reliability, profitability, strengthening the balance sheet, and creating even more value for our shareholders, team members, customers and the communities we serve.”
The company ended the quarter with approximately $14.4 billion of total available liquidity including cash and short-term investments plus undrawn capacity under revolving and other short-term credit facilities,