American Airlines has posted a $476 million profit for Q2 2022, its first profit without COVID aid. The profit compares with just $19 million during the same period, last year.
Revenues jumped about 80% to $13.4 billion, the most in the company’s history. However, jet fuel costs were more than double the level from the 2021 period.
From April through June, revenues topped those of the pre-pandemic 2019 quarter by 12%, even though capacity was 8.5% lower.
American Airlines says it expects a profitable third quarter, based on travel demand and the forecast for fuel prices. It said revenue will be 10% to 12% higher than the same period in 2019 even as it cuts passenger-carrying capacity by 8% to 10%.
Air travel in the U.S. has returned to nearly 90% of 2019 levels, according to government figures, although corporate travel remains down 20% to 25%, American said.
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