The parent of American Airlines, AMR Corp., reported profit in the second quarter of 2013 was $220 million, rebounding from a net loss of $241 million in the second quarter of 2012, although cargo revenue dropped.
Excluding reorganization and special items of $137 million, quarterly profit was $357 million, a $262 million improvement compared with the same period in the previous year.
“American delivered its best financial performance for a second quarter, excluding special items, in the company’s history,” said Tom Horton, AMR's chairman, president and CEO, in a written statement. “And the momentum is building as we plan for the impending merger with US Airways.”
The merger is conditioned on approval by regulatory authorities, expiration of statutory waiting periods, other customary closing conditions and confirmation and consummation of the plan in accordance with the provisions of bankruptcy code. The combination is expected to be completed in the third quarter of 2013.
Revenue in the second quarter was $6.4 billion, basically flat year-over-year. Cargo revenue accounted for $167 million, falling 4.3 percent from $175 million, while cargo ton miles increased 3.1 percent, from 456 million to 470 million.
AA Cargo unveiled a new Web site on July 15 in response to feedback from customers. It includes customization for logged-in users, the company said.
In addition, Kenji Hashimoto, current president of American Airlines Cargo, has announced that upon completion of the merger with US Airways — and confirmation by the new board of directors — he will be moving into the position of senior vice president of regional carriers. Hashimoto said that his successor as president of AA Cargo will be Jim Butler, who comes to the role with more than 16 years of airline experience.