• Demand for air cargo up 8.2 percent y/y in October

    Air freight demand, measured in freight tonne kilometers (FTKs), rose 8.2 percent year-on-year in October, according to data released by The International Air Transport Association (IATA).

  • Another record breaking year for Budapest Airport as cargo volume exceeds 100,000 tonnes

    Hungarian gateway Budapest Airport expects to break annual record of cargo volume this year with more than 100,000 tonnes already handled between January and November.

  • LATAM Airlines to launch its longest non-stop flight ever between Santiago and Melbourne, Australia

    Latin America based carrier LATAM Airlines will operate a new, non-stop service between Santiago and Melbourne, Australia, from October 5, 2017.

  • India gives a strong start to IAG’s performance in the peak season

    IAG Cargo’s e-commerce prioritise from India has given it a very good start into the peak season.

  • IAG Cargo launches new Paris to New York route through OpenSkies

    IAG Cargo has launched the start of a new Paris Orly to Newark New Jersey route, its first ever direct cargo route between France and the USA.
Showing posts with label second quarter. Show all posts
Showing posts with label second quarter. Show all posts

Friday, July 23, 2021

American Airlines release second-quarter 2021 report; will improve balance sheet

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 American Airlines release second-quarter 2021 report; will improve balance sheet



American Airlines Group Inc.has published its second-quarter 2021 financial results. Find out the details below: 

  • Second-quarter net profit of $19 million, or $0.03 per diluted share. Excluding net special items, second-quarter net loss of $1.1 billion, or ($1.69) per share.
  • Second-quarter revenue of $7.5 billion, up 87 percent sequentially from the first quarter of 2021.
  • Ended the second quarter with approximately $21.3 billion of total available liquidity, a record for the company.
  • Accelerated the deleveraging process with prepayment of $950 million spare parts term loan.
  • Company plans to pay down approximately $15 billion of debt by the end of 2025.

In March 2021, CEO Doug Parker revealed the company’s 2021 Green Flag Plan. The aims is to focus on doubling double down operational excellence, reconnect with customers, build on team momentum and passionately pursue efficiencies.

“We have taken a number of steps to solidify our business through our Green Flag Plan and it shows in our second-quarter results,” said American’s chairman and CEO Doug Parker. “We have reshaped our network, simplified our fleet and made our cost structure more efficient, all to create an airline that will outperform competitors and deliver for customers. The green flag plan has dropped and we are ready thanks to the tremendous efforts and dedication of the American Airlines team.”

American is committed to improving its balance sheet. The company now expects to reduce its debt by more than $15 billion by the end of 2025 versus its previous guidance of $8 billion to $10 billion.

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