American, Southwest post quarterly profits, boosted by travel surge, federal aid

american southwest post quarterly profits boosted by travel surge federal aid

Sumary of American, Southwest post quarterly profits, boosted by travel surge, federal aid:

  • An American Airlines Boeing 777-300ER plane takes off from Sydney Airport in Sydney, Australia, October 28, 2020.Loren Elliott | ReutersAmerican Airlines and Southwest Airlines posted second-quarter profits Thursday, getting a lift from federal aid and a surge in travel demand.
  • Fort Worth, Texas-based American reported net income of $19 million, snapping five consecutive quarters of losses, thanks in part to more than $1 billion in federal payroll support.
  • Adjusting for one-time items, American had a loss of $1.1 billion or $1.69 as share.
  • American said it plans to pay down $15 billion in debt by 2025. The most indebted of the U.S. airlines, American had a total debt of about $48 billion as of the end of the first quarter, according to FactSet.
  • Earlier Thursday, Southwest reported a jump in revenue in the quarter as travelers returned.
  • That was still down 32% from $5.9 billion during the same time in 2019. Net income for the second quarter totaled $348 million, compared with a $915 million loss a year earlier.

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