American Airlines Reports Fourth Quarter and Full Year 2022 Financial Results (2023)

FORT WORTH, Texas — American Airlines Group Inc. (NASDAQ: AAL) today reported fourth quarter and full year 2022 financial results, including: Fourth quarter and full year net income of $803 million and $127 million, or $1.14 per share diluted share and $0.19 per diluted share, respectively. Excluding net special items1, fourth-quarter and full-year net income of $827 million and $328 million, or $1.17 per diluted share and $0.50 per diluted share, respectively.

FORT WORTH, Texas - American Airlines Group Inc. (NASDAQ: AAL) today reported its financial results for the fourth quarter and full year 2022, including:

  • Fourth-quarter and full-year net income of $803 million and $127 million, or $1.14 per diluted share and $0.19 per diluted share, respectively. Excluding net special items1, fourth-quarter and full-year net income of $827 million and $328 million, or $1.17 per diluted share and $0.50 per diluted share, respectively.
  • Record fourth-quarter revenue of $13.2 billion, up 16.6% from the same period in 2019, despite flying 6.1% less capacity.
  • It ended the year with $12 billion of total liquidity available, after prepaying a $1.2 billion term loan during the fourth quarter.
  • The company continues to execute on its plan to repay $15 billion of total debt2not end of 2025.

"The American Airlines team has delivered outstanding results over the past year," said Robert Isom, CEO of American. “We are committed to running a reliable operation and returning to profitability, and our team is delivering on both. We are proud to have led the industry in holiday operating performance while delivering record full year and fourth quarter revenue, resulting in a third consecutive quarterly profit and full year profit. As we turn our attention to 2023, we will continue to prioritize reliability, profitability and debt reduction.”

Run a reliable operation

American and its regional partners operated more than 475,000 flights in the fourth quarter, with an average load factor of 83.9%. For the quarter, American ranked first in completion factor among the top nine US airlines.

The USA team performed even stronger over the holidays despite difficult conditions in many parts of the country. American outperformed the industry during the December holiday period and ranked first in completion factor. The momentum continued through 2023 as American achieved the best on-time arrival performance of the top nine US airlines so far this year.

Returning to profitability

American generated fourth-quarter revenue of $13.2 billion, up 16.6% compared to the same period in 2019 and the highest fourth-quarter revenue in company history, driven by continued strength of the demand environment. . This record revenue was achieved with 6.1% less capacity than the same period in 2019. Both on a GAAP basis and excluding the impact of net special items, the company produced an operating margin of 10.5% for the quarter. American also produced a record annual revenue of $49 billion, resulting in annual profitability.

liquidity and balance

In the fourth quarter, American made approximately $539 million in debt and lease payments and prepaid a $1.2 billion term loan. The company ended the year with $12 billion in total liquidity available, consisting of cash and short-term investments, as well as unused capacity on revolving and other credit facilities. total debt2Reduction remains a top priority, and the company is more than halfway toward its goal of reducing total debt by $15 billion by the end of 2025. As of December 31, 2022, American had reduced its total debt at more than $8 billion from peak levels in the second quarter of 2021.

Investor guidance and updates

Based on demand trends and the current fuel price forecast and excluding the impact of special items, the company expects its adjusted diluted earnings per share in the first quarter of 20233be approximately the equilibrium point. Based on today's guidance, American expects its full-year 2023 adjusted diluted earnings per share3be between US$ 2.50 and US$ 3.50.

For additional details regarding financial forecasts, please refer to the Company's Investor Update provided with this SEC press release on Form 8-K. This presentation will also be available

Conference call and webcast details

The company will host a live audio webcast of its financial results conference call at 7:30 am ET. M. central time today. The call will be available to the public for listening only An archive of the webcast will be available on the website until February 2nd. 26


See the accompanying notes in the financial tables section of this press release for a more detailed explanation, including a reconciliation of all GAAP and non-GAAP financial information.

  1. The company recognized $24 million of net after-tax special items in the fourth quarter, which primarily included net market adjusted unrealized losses associated with certain equity investments.
  2. All references to total debt include debt, finance leases, operating lease liabilities and pension obligations.
  3. Adjusted diluted earnings per share guidance excludes the impact of net special items. The Company is unable to reconcile certain forward-looking statements with GAAP as the nature or amount of net special items cannot be determined at this time.

Financial results

Click the button below to download fourth quarter 2022 financial results.

About American Airlines Group
To care for people on life's journey®. Shares of American Airlines Group Inc. are traded on Nasdaq under the symbol AAL and the company's stock is included in the S&P 500. Learn more about what's happening at American by visitingnoticias.aa.comand connect with American on Twitter@AmericanAiris

Cautionary statement about forward-looking statements and information
Some of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "may", "will", "expects", "intends", "anticipates", "believes", "estimates", "plans", "projects", "could", "should", "would ", "would continue", "would pursue", "goal", "guidance", "outlook", "if current trends continue", "optimistic", "forecast" and other similar words. Such statements include, but are not limited to, statements about the Company's plans, objectives, expectations, intentions, estimates and strategies for the future, the continued availability of borrowings under revolving credit lines and other statements that are not historical facts. These forward-looking statements are based on the company's current objectives, beliefs and expectations and are subject to significant risks and uncertainties that could cause actual results, financial position and the timing of certain events to differ materially from the information contained in forward-looking statements. statements. These risks and uncertainties include, but are not limited to, those set forth in this document, as well as the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (especially Part I, Item 2. Management Discussion and Review) . of the Financial Condition and Results of Operations and Part II, Article 1A. Risk Factors) and other risks and uncertainties listed from time to time in other company filings with the Securities and Exchange Commission. In addition, there may be other factors of which the company is not currently aware that could affect the matters discussed in the forward-looking statements and could also cause actual results to differ materially from those discussed. The company undertakes no obligation to publicly update or supplement any forward-looking statements to reflect actual results, changes in assumptions or changes in factors affecting these forward-looking statements, except as required by law. Any forward-looking statement speaks only as of the date hereof or the dates indicated in the statement.

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