© Reuters. FILE PHOTO: An American Airlines Airbus A321 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. REUTERS/Mike Blake
(Reuters) – American Airlines (NASDAQ:) Group Inc on Thursday posted its first adjusted quarterly profit since the onset of the COVID-19 pandemic as a boom in travel demand more than offset higher costs.
The lifting of coronavirus curbs and bottled-up travel demand have sparked the strongest summer for U.S. carriers in three years, putting them on track for a profitable quarter despite a larger fuel bill. American Airlines reported an adjusted profit of $533 million, or $0.76 per share, for the quarter ended June 30, compared with a loss of $1.09 billion, or $1.69 per share, a year earlier.
The Fort Worth, Texas-based airline’s operating revenue rose to about $13.42 billion, from about $7.48 billion a year earlier.