American Airlines has reported a 53% decline in first-quarter 2021 revenue of $4.0 billion, with a 39% year-over-year reduction in capacity measured in total available seat miles (ASMs).
American posted a first-quarter net loss of $1.3 billion, or a loss of $2.7bn excluding special items.
During the quarter, the airline has raised $10 billion through debt offering backed by the AAdvantage program and used a portion of the proceeds to prepay in full the secured loan from the U.S. Department of the Treasury.
American ended the first quarter with approximately $17.3 billion of total available liquidity. The airline expects to end the second quarter with approximately $19.5 billion in total available liquidity.
“We are incredibly proud of the American Airlines team for their continued care of our customers and each other,” said American’s Chairman and CEO Doug Parker. “Our team has shown up every day throughout the pandemic and served more customers than any other airline. That focus has served as our inspiration and positions us well as even more customers return to the skies.
“Looking forward, with the momentum underway from the first quarter, we see signs of continued recovery in demand. We remain confident the network enhancements, customer-focused improvements and efficiency measures we’ve put into place will ensure American is well-positioned for the recovery.”
American states that it continues to take steps to strengthen its business and respond to the pandemic, with an emphasis on supporting its customers, team members and communities; reducing costs; and improving its liquidity position and balance sheet.