American Airlines (NASDAQ: AAL) reported better than expected earnings results Thursday as the airline industry continues to excel despite concerns of an economic downturn. Nevertheless, the company’s shares were down approximately 2% during early morning trading.
The major U.S. based airline reported earnings of USD0.69 per share, compared to the expected USD0.56 a share. Revenue amounted to USD13.46 Billion, higher than analysts anticipated USD13.42 Billion. Moreover, the airline reported a USD483 Million profit for the third quarter and forecasted resilient travel demand.
“The American Airlines team continues to deliver on our goals of running a reliable operation and returning to profitability,” said American’s CEO Robert Isom. “Demand remains strong and it’s clear that customers in the U.S. and other parts of the world continue to value air travel and the ability to reconnect post-pandemic. American has the youngest, most fuel-efficient fleet among U.S. network carriers and we are well-positioned for the future because of the incredible efforts of our team.”
Competitors United Airlines and Delta Air Lines also predicted a profitable outcome through the end of the year amid strong bookings and rising fares.