American Airlines Posts $169 Million Gain on Taxpayer Help

American Airlines Posts $169 Million Gain on Taxpayer Help

“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 Airlines is detailing a second from last profit benefit of $169 million subsequent to gathering almost $1 billion in government pandemic aid, and it expects large groups and more flights during the impending holidays. The carrier felt the pre-fall effect of the exceptionally infectious delta variation of COVID-19, which caused a stoppage in appointments and an ascent in undoings across the industry. American said Thursday that it anticipates that fourth quarter revenue should be down 20% contrasted and a similar quarter in pre-pandemic 2019. The Fort Worth-based aircraft said traveler conveying limit in the final quarter will be simply 11% to 13% beneath the second from last 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.

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