Fourth quarter 2013 combined net profit was $436 million on a non-GAAP basis excluding net special charges. This compares to a combined non-GAAP net loss of $42 million excluding net special credits for the same period in 2012. Based on a diluted share count of 742 million, fourth quarter 2013 diluted earnings per share was $0.59 on a non-GAAP basis.
For 2013, the company's combined net profit was $1.9 billion on a non-GAAP basis excluding net special charges. This represents a $1.5 billion improvement over the company's combined 2012 non-GAAP net profit of $407 million excluding net special charges.
"The early returns on our merger are very positive," said Doug Parker, CEO of American Airlines Group Inc. "Our teams are working well together and our customers are already beginning to see the benefits of our combined network. We have much work ahead, but believe we are on our way to restoring American as the greatest airline in the world. These financial results are evidence of the strong foundation we have in place and we anticipate improving upon these results as we further integrate our operations in 2014."
On a combined basis, total revenues in the fourth quarter were $10.0 billion, up 8.7% versus the fourth quarter 2012 on a 3.4% increase in total available seat miles (ASMs). Fourth quarter combined consolidated passenger revenue per ASM (PRASM) was 13.64 cents, up 5.0% versus the fourth quarter 2012, driven by a 5.3% increase in yield.
Strong demand and high load factors led to 2013 total combined revenues of $40.4 billion, which were up 4.7% versus 2012. Full year combined consolidated PRASM was 13.67 cents, up 2.6% versus 2012.
Total combined operating expenses in the fourth quarter were $9.7 billion, up 7% over fourth quarter 2012. Combined fourth quarter mainline cost per available seat mile (CASM) was 14.17 cents, up 4.2% on a 3.6% increase in mainline ASMs versus fourth quarter 2012. Excluding special charges, fuel and profit sharing, mainline CASM was flat compared to the fourth quarter 2012, at 8.49 cents. Regional CASM excluding special charges and fuel was 15.73 cents, up 1.8% on a 1.6% increase in regional ASMs versus fourth quarter 2012.
For the full year 2013, total combined operating expenses were $37.8 billion, up 0.6% versus 2012. Excluding special charges, fuel and profit sharing, combined mainline CASM decreased 3.1% to 8.37 cents versus 2012. Regional CASM excluding special credits and fuel increased 1.1% to 15.38 cents versus 2012.