American Airlines Group (American) has reported its third-quarter 2021 financial results. The company posted third-quarter net profit of US$169 million, or US$0.25 per diluted share. Excluding net special items, third-quarter net loss was S$641 million, or (US$0.99) per share. Third-quarter revenue was US$9.0 billion, up 20% sequentially from the second quarter of 2021.
American Airlines ended the third quarter with approximately US$18 billion of total available liquidity, after prepayment of US$950 million spare parts term loan during the quarter. The company continues to expect robust demand during peak travel periods in the fourth quarter, with more than 6,000 peak day departures.
During the quarter, the company announced its intention to reduce its debt by US$15 billion by the end of 2025. American plans to accomplish this through naturally occurring amortization and by using excess cash and free cash flow to pay down prepayable debt. As part of that plan, the company prepaid in full its US$950 million spare parts term loan facility in the third quarter. In addition, during the third quarter, American made scheduled debt amortization payments of approximately US$649 million and unencumbered 20 Boeing 777-200 aircraft.Email Post to a Friend