Summary by Moomoo AI
American Airlines, known as AAL.US, reported its financial performance for the first quarter of 2024, revealing a challenging period with a pre-tax loss of $413 million compared to a pre-tax income of $17 million in the same quarter of the previous year. The net loss stood at $312 million, a significant drop from the net income of $10 million in Q1 2023. This decline was primarily attributed to increased salaries, wages, and benefits following the ratification of a new collective bargaining agreement with mainline pilots, as well as higher maintenance expenses. Despite these challenges, passenger revenue rose by 3.2% to $11.458 billion, driven by a 10.5% increase in revenue passenger miles and an 81.5% load factor. However, cargo revenue fell by 16% due to a decrease in cargo yield...Show More