American Airlines Group reports first quarter 2014 net profit of $480m

For the first quarter 2014, American Airlines Group reported a record GAAP net profit of $480m. This compares to a net loss of $341m in the first quarter 2013. The company’s GAAP results for the first quarter 2013 reflect AMR Corporation prior to the merger. On a combined basis, total revenues in the first quarter were a record $10bn, up 5.6% versus the first quarter 2013 on a 2.0% increase in total available seat miles (ASMs). Driven by a record yield of 17.03 cents, up 3.2% year-over-year, combined consolidated passenger revenue per ASM (PRASM) was also a record for the first quarter at 13.67 cents, up 2.9% versus the first quarter 2013. “We are very pleased to report a record profit in our first full quarter as a merged company,” said Doug Parker, CEO of American Airlines Group. “Our team of dedicated professionals did an excellent job of taking care of our customers despite particularly difficult weather conditions throughout the quarter. We are excited for the future and expect our synergies to build as we continue to integrate our operations.”