Summary by Moomoo AI
American Airlines Group reported a third-quarter 2024 net loss of $149 million compared to a $545 million loss in Q3 2023. Total operating revenues increased 1.2% to $13.6 billion, while passenger revenue remained relatively flat at $12.5 billion. The airline experienced a 5.2% decrease in passenger yield despite 3.2% capacity growth year-over-year, with load factor improving to 86.6%.Operating expenses decreased 1.1% to $13.6 billion, primarily driven by a 10.4% reduction in fuel costs to $2.9 billion. However, the company faced increased costs in several areas, including salaries and benefits up 3.1% to $4.1 billion. A significant one-time charge of $514 million was recorded related to the ratification of a new flight attendant contract in September 2024.The company maintained strong liquidity with $11.8 billion available, including $8.5 billion in unrestricted cash and short-term investments. During Q3, American completed several financing transactions, including establishing new revolving credit facilities and issuing $684 million in enhanced equipment trust certificates for aircraft financing. Management noted improved revenue performance as domestic capacity growth decelerated from July 2024.
