Aerospace & Defense
American Airlines posts profit vs year-ago loss as travel demand improves
An American Airlines Boeing 777-300ER plane takes off from Sydney Airport in Sydney, Australia, October 28, 2020. REUTERS/Loren Elliott
Oct 21 (Reuters) - American Airlines Group Inc (AAL.O) reported a quarterly profit compared to a year-ago loss on Thursday, as easing COVID-19 curbs strengthened travel demand ahead of the peak holiday season.
As the United States opens its borders to vaccinated foreign travelers on Nov. 8, U.S. carriers are expecting a strong holiday season after the health crisis sent travel demand plummeting in 2020.
"While the rise of the COVID-19 delta variant delayed some of our revenue recovery, it has not stopped our progress," Chief Executive Officer Doug Parker said.
Register now for FREE unlimited access to reuters.com
The No.1 U.S. airline reported a net income of $169 million, or 25 cents per share, in the third quarter ended Sept. 30, compared with a loss of $2.40 billion, or $4.71 per share, a year earlier.
Excluding items, the company posted a third-quarter net loss of $641 million, or 99 cents per share.
Total operating revenue jumped 183% to $8.97 billion.
The airline ended the quarter with about $18 billion of total available liquidity.
Register now for FREE unlimited access to reuters.com
Reporting by Sanjana Shivdas in Bengaluru;
Editing by Vinay Dwivedi
Our Standards: The Thomson Reuters Trust Principles.