American Airlines Group has reported its fourth-quarter and full-year 2019 financial results. The Group reported pre-tax earnings of US$571 million in the fourth quarter of 2019, and pre-tax earnings excluding net special items of US$679 million, a US$90 million increase from the fourth quarter of 2018.
Continued strength in passenger demand and a record passenger load factor drove a 3.4% year-over-year increase in fourth-quarter 2019 total revenue to US$11.3 billion, driven by a 2.4% increase in passenger load factor. Passenger revenue per available seat mile (PRASM) grew 0.9% to 14.72 cents, a record for the fourth quarter. Cargo revenue was down 18.3% to US$216 million due, primarily, to a 15.6% decline in cargo volume. Other revenue was up 5.4% to US$750 million due primarily to higher loyalty revenue. Fourth-quarter total revenue per available seat mile (TRASM) increased by 0.5% compared to the fourth quarter of 2018 on a 2.9% increase in total available seat miles.
Total fourth-quarter 2019 operating expenses were $10.6 billion, up 2.1% year over year, driven primarily by higher salaries and benefits, maintenance, and regional expenses.
Fourth-quarter 2019 earnings were US$0.95 per diluted share. Excluding net special items earnings were US$1.15 per diluted share, up 19% year over year. Full-year 2019 earnings were US$3.79 per diluted share. Excluding net special items earnings were US$4.90 per diluted share, up 8% year over year.
