American Airlines Q2 cargo revenue drops 40%
Yield per tonne was down 29 percent to 46.31 cents in Q22023 from 65.58 cents in Q22022
American Airlines reported a 40 percent decline in cargo revenue at $197 million for the second quarter ended June 30, 2023 compared to $328 million in Q22022.
Cargo tonne miles (cargo carried multiplied by flown kilometres) declined 15 percent to 427 million from 500 million in Q22022, says an official release. Yield per tonne was down 29 percent to 46.31 cents from 65.58 cents.
For the first six months of the year, cargo revenue declined 39 percent to $420 million, cargo tonne miles dropped 18 percent to 849 million and yield per tonne was down 26 percent to 49.51 cents.
Operating revenue increased five percent to $14.1 billion, and net income came in at $1.3 billion.
“It was another fantastic quarter for American, driven by the hard work of our team to deliver a reliable operation for our customers and the continued strong demand for our product,” says Robert Isom, CEO, American Airlines. “Our operation is performing at historically strong levels, and we have worked to refresh our fleet and build a comprehensive global network, all of which helped to produce record revenues in the second quarter. We will build on this momentum the rest of the year and continue to prioritise reliability, profitability, accountability and strengthening our balance sheet.”
As of June 30, 2023, American had reduced total debt by approximately $9.4 billion from peak levels in mid-2021. The company ended Q22023 with approximately $14.9 billion of total available liquidity including cash and short-term investments plus undrawn capacity under revolving and other short-term credit facilities.
