AMR Reports 4Q Profit Of $262 Million
FORT WORTH (CBSDFW.COM) - AMR Corporation, the parent company of American Airlines, Inc., has reported revenue of $24.9 billion in 2012, the highest yearly revenue in the company's history.
The report also showed a net profit of $262 million in 4Q 2012, up $1.1 billion from the same period in 2011. One-time gains such as an income tax benefit helped. Without those, the company would have lost $88 million.
"We have made enormous progress towards building the new American," said Tom Horton, AMR's Chairman and CEO in statement. "It is remarkable what the American team has been able to accomplish, including generating record revenue and a return to an operating profit for the year while restructuring every aspect of our company. I want to thank all of our people for their dedication, hard work and commitment to serving our customers during this time. Our momentum is growing toward emerging as a strong, healthy and vibrant competitor. In fact, with what we have accomplished, we expect to show strong results beginning in the first quarter of 2013."
For 2012, American recorded a net loss of $1.9 billion, compared to 2011's full-year net loss of $2.0 billion. Excluding reorganization and special items, the full-year net loss was $130 million, a $932 million improvement over 2011.
In an attempt to have the youngest, most fuel-efficient fleet among U.S. network carriers by 2017, the airline took delivery of 11 new aircraft in the fourth quarter and 30 new aircraft during the full year. The airline also noted that their fourth quarter performance was negatively impacted by Hurricane Sandy and the early November snow storm in the Northeast.
The report comes as American Airlines continues to restructure from filing bankruptcy in November 2011. Two weeks ago, Horton announced that it will be "a matter of weeks" before a decision is made about a possible merger with U-S Airways.
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