AMR Corp. (AAMRQ), the parent company of American Airlines, reported a loss for the first quarter that narrowed from last year on lower reorganization-related charges as well as operating expenses and slightly higher revenues. Excluding items, the company reported its first profitable March quarter since 2007.
Tom Horton, AMR's chairman, president and CEO said, "For the first time in six years, we produced a first quarter profit, excluding reorganization items and special charges, and our fourth consecutive quarterly operating profit."
In mid-February, AMR Corp. and U.S. Airways Group, Inc. (LCC) said they agreed to merge to create a global carrier that will have an implied combined equity value of about $11 billion. AMR and some of its subsidiaries, including American Airlines and American Eagle, filed for Chapter 11 bankruptcy protection in November 2011.
Fort Worth, Texas-based AMR's net loss for the first quarter narrowed to $341 million or $1.02 per share from loss of $1.66 billion or $4.95 per share in the year-ago quarter. The latest quarter's results included the impact of $349 million in reorganization and special items.
Excluding reorganization and special items, net earnings for the quarter were $8 million, compared to loss of $248 million in the prior-year quarter.
Total operating revenues for the quarter edged up 1 percent to $6.10 billion from $6.04 billion in the prior-year quarter. Analysts polled by Thomson Reuters expected the company to report revenues of $6.08 billion for the quarter. Analysts' estimates typically exclude special items.
AMR noted that the revenues were the highest first-quarter revenues in the company's history. Consolidated revenue performance was driven by record passenger yield or average fares paid, and strong consolidated load factor or percentage of seats filled.
Consolidated passenger revenue per available seat mile or PRASM increased 2.6 percent year-over-year. Passenger yield for the quarter was 16.27 cents per mile, a 0.6 percent increase from the year-ago period. Load factor rose 1.5 percentage points from the prior-year quarter to 79.9 percent.
Total operating expenses for the quarter declined 1 percent from the year-ago period to $6.05 billion.
Looking ahead to the second quarter, AMR estimates consolidated capacity to increase about 1 percent compared to the year-ago period.
For fiscal 2013, the company projects consolidated capacity to increase about 1.5 percent compared to the prior year.
On Monday, April 15, AMR filed its plan or reorganization and disclosure statement. The hearing to consider approval of the disclosure statement is scheduled for June 4.
The company also said that it has filed its registration statement with the Securities and Exchange Commission to move forward with its anticipated merger with U.S. Airways. The transaction is expected to be completed in the third quarter of 2013.
In Thursday's regular session, AMR is trading at $3.92, down $0.05 or 1.26 percent on a volume of 1.94 million shares.
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