American Airlines said Thursday that it posted profits of more than $483 million, topping pre-pandemic levels.
The Fort Worth-based company was able to do this even with slightly reduced capacity prior to the start of the coronavirus pandemic in 2020. Profits were buoyed, however, by higher fares due to the increased costs of jet fuel and mostly full planes.
Robert Isom, CEO of American Airlines, stated that demand for travel remains strong despite the hurdles from the COVID-19 pandemic, according to WFAA, and that fourth-quarter earnings will also exceed the corresponding quarter in 2019.
American Airlines adjusted profit was 69 cents per share as opposed to the 54 cents per share that was predicted, with revenues of more than $13.4 billion, breaking the quarterly record.
United Airlines and Delta Air Lines released similar reports, reflecting how air travel in the United States has rebounded to pre-pandemic levels. United posted third-quarter profits of $942 million, while Delta posted profits of $695 million in the third quarter.
The Transportation Security Administration (TSA) last week screened almost 2.5 million people, making it the busiest that airports have been since February 2020. This is despite government figures saying there was a 43% increase in airfare this past year.
The airline company is also attempting to shake things up with its seat offerings.
American Airlines is also eliminating much of its first-class seating for international travel, known as Flagship First, in favor of an increased focus on business class seats, reports The Hill. This was confirmed during a call with investors Thursday morning, a spokesperson for American Airlines said.
Domestic first-class seat offerings available on short-haul flights will continue, however.
