AMR Corporation, the parent company of American Airlines, Inc., reported good news for advocates of the pending merger of American and US Airways, including results for the second quarter ended June 30, 2013. Key highlights include:
• Consolidated and mainline passenger revenue of $5.6 billion and $4.9 billion, respectively – highest passenger revenue for the second quarter in company history
• Net profit of $357 million, excluding reorganization and special items, a $262 million improvement year-over-year
• Operating profit of $502 million, excluding special items, a $254 million improvement over second quarter 2012. GAAP operating profit of $489 million, a $347 million improvement year-over-year
• Consolidated unit costs, excluding fuel and special items, improved 5.8 percent year-over-year, marking the third consecutive quarter of unit cost reduction on that basis
• American continued its fleet renewal and took delivery of nine fuel-efficient Boeing 737-800s and three 777-300ERs in the quarter. For the year, the company has taken delivery of 24 new aircraft, including six 777-300ERs
• American and US Airways continue to anticipate closing their merger in the third quarter of 2013
"American delivered its best financial performance for a second quarter, excluding special items, in the company's history," said Tom Horton, AMR's chairman, president and CEO. "And the momentum is building as we plan for the impending merger with US Airways."
In the second quarter of 2013, GAAP net profit was $220 million, a $461 million improvement compared to the prior-year period, AMR said. Excluding reorganization and special items, second quarter 2013 net profit was $357 million, a $262 million improvement compared to the prior-year period.
This record setting quarterly result was bolstered by a June during which the company recorded its best monthly profit, excluding reorganization and special items, in its history, AMR said. In the quarter, AMR had $137 million of reorganization and special items.