For the full year, American Airlines (American) produced revenue of nearly US$53 billion. In the fourth quarter, the company generated revenue of more than US$13 billion and an operating margin of 5.0% on a GAAP basis. Excluding the impact of net special items, American produced an operating margin of 5.1% in the fourth quarter, exceeding the high-end of the company's prior guidance. These results were driven by continued strong demand for American's product, record revenue from its travel rewards programme, strong operational performance and effective cost control.
Strengthening the balance sheet remains a top priority for the company. American reduced total debt by more than US$500 million in the fourth quarter and by approximately US$3.2 billion in 2023. The company is more than 75% of the way to its goal of reducing total debt by US$15 billion by the end of 2025. As of December 31, 2023, American had reduced its total debt by approximately US$11.4 billion from peak levels in mid-2021.
The company ended the year with approximately US$10.4 billion of total available liquidity, comprised of cash and short-term investments plus undrawn capacity under revolving and other short-term credit facilities.
Based on present demand trends and the current fuel price forecast and excluding the impact of special items, the company expects its first-quarter 2024 adjusted loss per diluted share to be between (US$0.15) and (US$0.35). American expects its full-year 2024 adjusted earnings per diluted share to be between US$2.25 and US$3.25. (£1.00 = US$1,27 at time of publication).
