American's Turn – Airline Posts Record Profit
PHOTO: American Airlines CEO Doug Parker. (Courtesy of American Airlines)
One day after United Airlines announced a record second-quarter profit, it’s American Airlines’ turn to shine.
American today reported record quarterly net profit of $1.9 billion excluding net special charges, a 27 percent increase versus the second quarter in 2014.
On a Generally Accepted Accounting Principles (GAAP) basis, the company reported a record net profit of $1.7 billion, or $2.41 per diluted share. This compares to a GAAP net profit of $864 million in the second quarter 2014, or $1.17 per diluted share.
"Reporting the highest quarterly profit in our history is another indication that our team is on the path to restoring American as the greatest airline in the world," Chairman and CEO Doug Parker said in a statement. "These results are especially remarkable considering the significant and successful work underway to integrate two airlines. The more than 100,000 dedicated team members of American Airlines are doing a phenomenal job and we are grateful for their commitment to our customers."
American Airlines has returned approximately $1.1 billion to its shareholders in the first half of 2015, including $943 million of shares repurchased under the existing $2 billion share repurchase program approved in January 2015. The airline’s Board of Directors has authorized an additional $2 billion share repurchase program to be completed by Dec. 31, 2016.
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