AMR Corp. (AAMRQ.PK), the parent company of American Airlines, reported that its first-quarter GAAP net loss narrowed to $341 million or $1.02 from $1.66 billion or $4.95 per share in the year ago quarter. The company's latest-quarter results included the impact of $349 million in reorganization and special items.
Net reorganization items for the quarter was $160 million, compared to $1.40 billion last year.
Excluding reorganization and special items, net profit for the quarter $8 million, compared to a loss of $248 million in the prior year quarter.
Total operating revenues for the quarte rwas $6.10 billion, up 1.0 percent 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.
First quarter consolidated and mainline passenger revenue per available seat mile or PRASM increased 2.6 percent and 2.7 percent year-over-year, respectively. Consolidated revenue performance was driven by record passenger yield, or average fares paid, of 16.27 cents per mile, a 0.6 percent year-over-year improvement, and strong consolidated and mainline load factors, or percentage of seats filled, of 79.9 percent and 80.6 percent, respectively.
The company estimates consolidated capacity in the second quarter of 2013 to be up approximately 1.0 percent versus the second quarter of 2012.
For the full year 2013, consolidated capacity is estimated to increase approximately 1.5 percent versus the prior year.
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