[Aviation Today April 24, 2014] American Airlines reported a record $480 million net profit for the first quarter of 2014, the first earnings period for the newly merged carrier.
The new American was formed by the completion of the December merger between US Airways Group and American's predecessor, AMR Corp., which filed for bankruptcy in November 2011.
The first three months of 2014 represent a $777 million improvement over the company's $297 million net loss reported during the same period a year ago. American, which represents the new merger between American Airlines and US Airways, also said in its earnings report that it has received $381 million for the sale of slots at New York LaGuardia (LGA) and Reagan National (DCA) airports.
"We are very pleased to report a record profit in our first full quarter as a merged company," said Doug Parker, CEO of American Airlines Group.
During the first quarter, American introduced two new Airbus
A321T aircraft, exercised options to purchase 62 Airbus
A320s and also revealed new Boeing
767-300 and 777-200ER cabin retrofits.
The newly merged carrier also joined operations at 58 airports, including American's Miami hub and US Airways' Phoenix hub.
Over the next year the new American plans to focus on merging technology systems between the formerly separate carriers.