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projected third-quarter revenue above its prior guidance, even as it trimmed the number of flights offered to travelers.
The Fort Worth, Texas-based airline on Tuesday said in a filing on its preliminary results that it cut its flight schedule by nearly 10% in the period and made more money than it expected per mile flown.
The results come as vacationers continue to step up air travel, despite a period where the aviation industry struggled to keep up with a deluge of travelers during the busy travel period. Airlines have both extended passenger caps and cut flight schedules to help ease some of the problems.
The resurgent demand has allowed airlines to charge higher fares to cover some of the rising costs tied to fuel and labor.
While major U.S. airlines have indicated in recent weeks that leisure travel has come back, they are still awaiting the full return of business travelers.
American Airlines said it expects to post third-quarter revenue of $13.46 billion, up 13% compared with the same quarter in 2019, before the Covid-19 pandemic disrupted global travel.
In July, American Airlines guided for quarterly revenue to come in at 10% to 12% higher than 2019 levels.
The company said it flew 68.6 billion available seat miles for the quarter, 9.6% lower than it did during the same period in 2019. The company had guided for capacity to be between 8% and 10% lower than in 2019.
Total revenue per available seat mile for the quarter is expected to be up about 25% compared with 2019 levels, above prior guidance of an increase of between 20% and 24%.
The company also said it expects costs per available seat mile to be about 14% above 2019 levels, within its prior guidance range of 12% to 14% above 2019 levels.
Shares of American Airlines rose 4.1% in premarket trading, to $12.55. The results boosted shares of other airlines, including
United Airlines Holdings Inc.,
Delta Air Lines Inc.
and
Delta is scheduled to report third-quarter results on Thursday, while other airlines are expected to post results in the coming weeks.
Write to Will Feuer at [email protected]
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