American Airlines and Southwest Airlines report record first quarter profits

[TexasTowelie]

American Airlines Group reports a record $480 million in Q1 profits

American Airlines Group Inc., parent of American Airlines Inc. and US Airways Inc., said Thursday it earned a record $480 million in the first quarter, its first full quarter since the carriers’ Dec. 9 merger.

Excluding special items, AAG earned $402 million.

Both figures represented a sharp improvement over the prior year when predecessor AMR Corp. was operating in bankruptcy court.

“We are very pleased to report a record profit in our first full quarter as a merged company,” AAG chief executive Doug Parker said. “Our team of dedicated professionals did an excellent job of taking care of our customers despite particularly difficult weather conditions throughout the quarter. We are excited for the future and expect our synergies to build as we continue to integrate our operations.”

More at http://aviationblog.dallasnews.com/2014/04/american-airlines-reports-a-record-402-million-in-q1-profits.html/ .

Southwest Airlines earns record $152 million in Q1 profits

Southwest Airlines said Thursday it earned $152 million in net income in first quarter 2014, or $126 million excluding special items. In either case, the results represented a Q1 record for the Dallas airline.

Southwest chairman and CEO Gary C. Kelly said he was “delighted to report record first quarter earnings, which increased significantly year-over-year, despite the disruption caused by more than 7,500 of our flights canceled due to extreme weather conditions and the impact of the shift in timing of the Easter and Passover holidays.”

He estimated that winter storms cost Southwest $50 million in operating profits.

“Our first quarter 2014 earnings performance is a superb start to the year and on plan to achieve a 15 percent pre-tax return on invested capital for the year, excluding special items.,” Kelly said.

More at http://aviationblog.dallasnews.com/2014/04/southwest-airlines-earns-record-152-million-in-q1-profits.html/ .