- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
- Boys out of critical condition after Zurich stabbings
NGG | -2.7% | 66.97 | $ | |
AZN | -2.12% | 77.93 | $ | |
SCS | -1.98% | 12.62 | $ | |
BP | 0.28% | 32.46 | $ | |
CMSC | -0.16% | 24.74 | $ | |
RIO | -1.42% | 69.83 | $ | |
BCC | -0.9% | 138.29 | $ | |
GSK | -2.81% | 38.37 | $ | |
RYCEF | 1.15% | 6.98 | $ | |
RBGPF | 100% | 58.93 | $ | |
CMSD | -0.16% | 24.89 | $ | |
BTI | -2.45% | 35.11 | $ | |
BCE | -1.77% | 33.84 | $ | |
JRI | -0.6% | 13.3 | $ | |
VOD | -0.52% | 9.69 | $ | |
RELX | -1.46% | 46.61 | $ |
American Airlines reports profits despite jet fuel cost drag
American Airlines reported a profitable second quarter Thursday as the ebbing of the Covid-19 pandemic resulted in record revenues despite the hit from higher fuel costs.
The big US carrier said its first profitable quarter since the start of the pandemic was due to operations rather than government support programs.
Profits were $476 million compared with just $19 million in the year-ago period.
Revenues jumped about 80 percent to $13.4 billion, the most in the company's history. Jet fuel costs were more than double the level from the 2021 period.
Pricey tickets have fueled the surge. From April through June, revenues topped those of the pre-pandemic 2019 quarter by 12 percent, even though capacity was 8.5 percent lower.
American signaled that the trend was holding in the third quarter, when it expects revenues of 10-12 percent above the 2019 level, with capacity down 8-10 percent.
Leisure travel remains above pre-pandemic levels, while American also saw improvements in both business travel and international bookings, Chief Executive Officer Robert Isom said in a letter to employees.
"Making sure American could take advantage of the continued recovery has been our collective focus, and the second quarter is evidence that our actions are producing positive results," Isom said.
"There is no better validation of this than reporting our first quarterly profit since the start of the pandemic."
Shares fell 3.2 percent to $14.73 in pre-market trading.
L.K.Baumgartner--CPN