American Airlines, known as AAL.US, reported its financial performance for the first quarter of 2024, revealing a challenging period with a pre-tax loss of $413 million compared to a pre-tax income of $17 million in the same quarter of the previous year. The net loss stood at $312 million, a significant drop from the net income of $10 million in Q1 2023. This decline was primarily attributed to increased salaries, wages, and benefits following the ratification of a new collective bargaining agreement with mainline pilots, as well as higher maintenance expenses. Despite these challenges, passenger revenue rose by 3.2% to $11.458 billion, driven by a 10.5% increase in revenue passenger miles and an 81.5% load factor. However, cargo revenue fell by 16% due to a decrease in cargo yield...Show More

American Airlines, known as AAL.US, reported its financial performance for the first quarter of 2024, revealing a challenging period with a pre-tax loss of $413 million compared to a pre-tax income of $17 million in the same quarter of the previous year. The net loss stood at $312 million, a significant drop from the net income of $10 million in Q1 2023. This decline was primarily attributed to increased salaries, wages, and benefits following the ratification of a new collective bargaining agreement with mainline pilots, as well as higher maintenance expenses. Despite these challenges, passenger revenue rose by 3.2% to $11.458 billion, driven by a 10.5% increase in revenue passenger miles and an 81.5% load factor. However, cargo revenue fell by 16% due to a decrease in cargo yield, reflecting increased air freight capacity globally. Total operating revenues increased by 3.1% to $12.570 billion. American Airlines also made significant contributions to its defined benefit pension plans and continued to invest in its fleet, with capital expenditures including the purchase of new aircraft. Looking ahead, American Airlines remains focused on managing costs and improving its operating performance, while navigating the variables of economic conditions and fuel prices.