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American posts $390 million second-quarter loss as revenue falls 20.9%
Thursday July 16, 2009
American Airlines parent AMR Corp. said a "very difficult revenue environment" drove a second-quarter net loss of $390 million, narrowed 73.3% from a $1.45 billion deficit in the year-ago period when heavy noncash impairment charges dragged down the bottom line.
But the loss actually was widened from a $298 million deficit last year absent special charges. The quarter was "obviously disappointing," Chairman and CEO Gerard Arpey said. "We've got to continue to anticipate a tough environment."
Executive VP-Finance and Planning and CFO Tom Horton told analysts and reporters that "there is great uncertainty on many fronts," noting that consolidated passenger revenue declined 23% year-over-year in the period as AA was hit by a particularly "sharp" drop in international revenue. Transatlantic, Latin American and transpacific operations "all saw unit revenue declines of over 20%," Horton said. "The international environment in general. . .has seen a more significant downdraft in revenue than has the domestic industry." He estimated that swine flu-related revenue losses totaled $50-$80 million in the quarter.
AA announced last month that second-half 2009 mainline domestic capacity will be 7.5% lower year-over-year, 1 point below prior guidance, while international capacity will be down 5.5%, 3.5 points lower than previously planned (ATWOnline, June 12). Those cuts may not be sufficient, Arpey cautioned yesterday. "We continue to look at capacity. . .in terms of whether we've done enough. It remains to be seen whether we've done enough."
The carrier is continuing with an aggressive narrowbody fleet modernization, taking delivery of 84 737NGs by the end of 2011 to replace MD-80s, saying the 35% lower per-seat fuel burn rate of the newer planes is urgently needed with fuel prices starting to rise again following last year's steep fall. "We're not assuming that fuel price concerns are behind us," Arpey said. Horton added that AA has secured "financing that we expect will cover all" 84 737NGs.
Second-quarter revenue sank 20.9% year-over-year to $4.89 billion while expenses dropped 31.5%, with fuel costs lowering 44.9% and special charges declining 98.1%. Operating loss was $226 million, narrowed 82.5% from a $1.29 billion operating deficit last year. Mainline traffic decreased 8.2% to 31.56 billion RPMs on a 7.6% cut in capacity to 35.57 billion ASMs, producing a load factor of 81.8%, down 0.6 point. Yield fell 15.4% to 11.65 cents as PRASM declined 16% to 9.53 cents and CASM lowered 25.5% to 11.76 cents. CASM ex-fuel heightened 5% to 8.46 cents.
by Aaron Karp
American posts $390 million second-quarter loss as revenue falls 20.9%
Thursday July 16, 2009
American Airlines parent AMR Corp. said a "very difficult revenue environment" drove a second-quarter net loss of $390 million, narrowed 73.3% from a $1.45 billion deficit in the year-ago period when heavy noncash impairment charges dragged down the bottom line.
But the loss actually was widened from a $298 million deficit last year absent special charges. The quarter was "obviously disappointing," Chairman and CEO Gerard Arpey said. "We've got to continue to anticipate a tough environment."
Executive VP-Finance and Planning and CFO Tom Horton told analysts and reporters that "there is great uncertainty on many fronts," noting that consolidated passenger revenue declined 23% year-over-year in the period as AA was hit by a particularly "sharp" drop in international revenue. Transatlantic, Latin American and transpacific operations "all saw unit revenue declines of over 20%," Horton said. "The international environment in general. . .has seen a more significant downdraft in revenue than has the domestic industry." He estimated that swine flu-related revenue losses totaled $50-$80 million in the quarter.
AA announced last month that second-half 2009 mainline domestic capacity will be 7.5% lower year-over-year, 1 point below prior guidance, while international capacity will be down 5.5%, 3.5 points lower than previously planned (ATWOnline, June 12). Those cuts may not be sufficient, Arpey cautioned yesterday. "We continue to look at capacity. . .in terms of whether we've done enough. It remains to be seen whether we've done enough."
The carrier is continuing with an aggressive narrowbody fleet modernization, taking delivery of 84 737NGs by the end of 2011 to replace MD-80s, saying the 35% lower per-seat fuel burn rate of the newer planes is urgently needed with fuel prices starting to rise again following last year's steep fall. "We're not assuming that fuel price concerns are behind us," Arpey said. Horton added that AA has secured "financing that we expect will cover all" 84 737NGs.
Second-quarter revenue sank 20.9% year-over-year to $4.89 billion while expenses dropped 31.5%, with fuel costs lowering 44.9% and special charges declining 98.1%. Operating loss was $226 million, narrowed 82.5% from a $1.29 billion operating deficit last year. Mainline traffic decreased 8.2% to 31.56 billion RPMs on a 7.6% cut in capacity to 35.57 billion ASMs, producing a load factor of 81.8%, down 0.6 point. Yield fell 15.4% to 11.65 cents as PRASM declined 16% to 9.53 cents and CASM lowered 25.5% to 11.76 cents. CASM ex-fuel heightened 5% to 8.46 cents.
by Aaron Karp
