AMR Corp., the parent company of American Airlines, today reported a net loss of $341 million for the first quarter of 2013, a 79.4 percent improvement from the net loss of $1.7 billion for first quarter 2012.
Excluding reorganization and special items worth $349 million, the company’s quarterly profit was $8 million, a $256 million increase year-over-year and AMR’s first profitable first quarter since 2007.
Revenue in the first quarter was $6.1 billion, the highest first quarter revenue in the company’s history and 1 percent higher on 1.3 percent less capacity compared to the same period last year. Quarterly cargo revenue was $155 million, dropping 8 percent year-over-year.
“The fundamental changes we have been able to achieve in streamlining our cost structure and making our operations more efficient are yielding substantial results,” said Bella Goren, AMR’s CFO, in a written statement.
“As we look to the second quarter, we remain focused on delivering for our customers through new products and services, the renewal of our fleet and greater access to more destinations across our growing global network,” said Virasb Vhidi, American Airlines’ chief commercial officer.
AMR is also currently anticipating a merger between American Airlines and US Airways, which is expected to be completed in the third quarter of 2013.