Q3 2024 American Airlines Group Inc Earnings Call Transcript
Key Points
- American Airlines Group Inc (AAL) reported a third quarter adjusted pre-tax profit of $271 million, exceeding prior guidance.
- The company achieved record third quarter revenue of $13.6 billion, up 1.2% year over year.
- Premium revenue increased by approximately 8% year over year on 3% more capacity, indicating strong demand for premium services.
- American Airlines Group Inc (AAL) led US network carriers in completion factor in the third quarter, showcasing operational reliability.
- The company is on track to reduce total debt by at least $13 billion from peak levels by the end of the year, demonstrating strong financial management.
- Third quarter TRASM (Total Revenue per Available Seat Mile) was down 2% year over year, indicating revenue challenges.
- Domestic PRASM (Passenger Revenue per Available Seat Mile) was down 3.1% year over year, reflecting pressure in the domestic market.
- The impact of hurricanes and a CrowdStrike outage reduced third quarter earnings by approximately $90 million.
- The company is still recovering from a prior sales and distribution strategy that led to a loss of corporate and agency revenue share.
- Fourth quarter TRASM is expected to be down 1 to 3%, suggesting continued revenue headwinds.
Thank you for standing by and welcome to American Airlines Group's third quarter, 2024 earnings conference call.
At this time. All participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session to ask a question during the session. You will need to press star 11 on your telephone to remove yourself from the queue. You may press star 11 again.
I would now like to hand the call over to Scott Long VP of investor relations and corporate development. Please go ahead.
Thank you Latif. Good morning and welcome to the American Airlines Group third quarter, 2024 earnings conference call on the call with prepared remarks. We have our CEO Robert Isom and our CFO Devin may.
In addition to our vice chair, Steve Johnson, we have a number of other senior executives in the room this morning for the Q&A session.
Robert will start the call with an overview of our performance. And
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