American Q12024 cargo revenue down 16% on lower yields
Cargo tonne miles increased 15% to 484 million from 422 million in Q12023
Lower yields saw American Airlines report a 16 percent decline in cargo revenue at $187 million for the first quarter of 2024 compared to $223 million in Q12023.
Cargo yield per tonne mile (cents) was down 27 percent at 38.64 as against 52.75 in Q12023, according to an official release.
Cargo tonne miles increased 15 percent to 484 million from 422 million in the first quarter of 2023.
Total operating revenue was marginally higher (three percent) at $12.6 billion, and net loss came in at $312 million as against a profit of $10 million in Q12023.
The company generated operating cash flow of $2.2 billion with free cash flow of $1.4 billion, and reduced total debt by nearly $950 million in the first quarter. "The company is now more than 80 percent of the way to its 2025 total debt reduction goal."
“The American Airlines team continues to build a reliable, efficient and resilient airline,” says Robert Isom, CEO, American. “While we aren’t satisfied with our first-quarter financial results, we have a strong foundation in place, and we remain on track to deliver on our full-year financial targets. Our team is running a fantastic operation, driving revenue through our commercial initiatives, efficiently managing costs, and producing free cash flow to further strengthen our balance sheet.”