NEW YORK, United States, July 20 – American Airlines reported blowout second-quarter earnings on Thursday, benefiting from continually strong consumer demand and lower jet fuel costs.
The big US carrier followed rivals Delta Air Lines and United Airlines in lifting its full-year forecast following the robust spring quarter and as airports remain busy over the heady summer travel season.
Profits were nearly triple the year-ago level at $1.4 billion, while revenues rose 4.7 percent to $14.1 billion, a record.
Results were boosted by a retreat in jet fuel prices, which were down 35 percent from the year-ago level.
“It was another fantastic quarter for American, driven by the hard work of our team to deliver a reliable operation for our customers and the continued strong demand for our product,” said American Airlines Chief Executive Robert Isom.
“Our operation is performing at historically strong levels, and we have worked to refresh our fleet and build a comprehensive global network, all of which helped to produce record revenues in the second quarter.”
American highlighted a two-notch upgrade in its credit rating by Fitch to B+ from B-.
While that still rates American as “highly speculative” on the scale, Fitch praised American for its progress in paying down debt and its improving profitability outlook.
Shares of American fell 3.2 percent to $18,00 in pre-market trading.
