AMR Corporation reports first quarter 2011 net loss of $436 million

AMR Corporation the parent company of American Airlines, reported a net loss of $436 million for the first quarter of 2011. The first quarter 2011 results include the impact of approximately $31 million in one-time non-cash charges related to certain sale/leaseback transactions. Excluding this special item, the Company incurred a loss of $405 million for the first quarter of 2011. The results for the first quarter 2011 compare to a net loss of $505 million in the first quarter 2010. The first quarter 2010 results included a $53 million special item related to the devaluation of the Venezuelan currency. Excluding that special item, AMR’s loss was $452 million in the first quarter of 2010. The Company achieved improved year-over-year results in spite of sharply rising fuel prices that increased 24% compared to the first quarter 2010. Including the impact of fuel hedging, AMR paid on average $2.76 per gallon for jet fuel in the first quarter of this year versus $2.23 per gallon in the first quarter 2010. As a result, the Company paid $351 million more for fuel in the first three months of 2011 than it would have paid at prevailing prices from the corresponding prior-year period.