American Reports $359 Million Quarterly Net Loss

AMR Corporation, the parent company of American Airlines, Inc., reported a net loss of $359 million for the third quarter of 2009, or $1.26 per share. Traffic plummeted 20 percent, with a significant reduction among business travelers.

AMR reported third-quarter consolidated revenue of approximately $5.1 billion, a decrease of more than 20 percent year-over-year, largely driven by reduced capacity and the reduced demand for air travel and cargo resulting from the global economic downturn.

Other revenues, from sources such as confirmed flight changes, purchased upgrades, Buy-on-Board food services, and baggage service charges, increased 1.4 percent to $585 million in the third quarter compared to the third quarter of 2008.

Reflecting global economic weakness, the company’s cargo revenue declined by approximately $94 million, or 40.8 percent, in the third quarter compared to the same period in 2008.

American’s mainline passenger revenue per available seat mile (unit revenue) declined by 14.5 percent in the third quarter compared to the year-ago quarter. Mainline capacity, or total available seat miles, in the third quarter decreased by 8.2 percent compared to the same period in 2008, as to cut capacity.