American Airlines Group has reported its first-quarter 2018 results with Pre-tax earnings excluding net special items of US$468m, a US$193m decrease from the first quarter of 2017. First-quarter 2018 total revenue increased 5.9% year-over-year, to US$10.4bn. Passenger revenue per available seat mile (PRASM) grew in all geographic regions, with notable strength in Latin America. Cargo revenue was up 18.8% to US$227m due primarily to a 10.9% increase in volume and a 7.1% increase in cargo yield.
Other revenue was up 10.0% to US$694m. First-quarter total revenue per available seat mile increased by 3.5% compared to the first quarter 2017 on a 2.3% increase in total available seat miles.
Total first-quarter 2018 operating expenses were US$10.0bn, up 9.8% year-over-year driven by a 25.7% increase in consolidated fuel expense. Had fuel prices remained unchanged versus the first quarter 2017, total expenses would have been US$412 million lower. Total first-quarter 2018 cost per available seat mile (CASM) was 15.15 cents, up 7.3% from first-quarter 2017. Excluding fuel and special items, total first-quarter CASM was 11.57 cents, up 2.8% year-over-year.
