American Airlines Group beat Wall Street estimates for second-quarter revenue on the back of a recovery in demand as leisure travel rebounds from pandemic lows.
The airline reported positive cash flow in the second quarter for the first time since the COVID-19 pandemic began, reversing a trend of cash burn of about $100 million a day when global travel had ground to a halt.
The airline reported a cash build rate of about $1 million per day in the second quarter.
Excluding items, the company posted a second-quarter net loss of $1.1 billion, or $1.69 per share.
The U.S. airline posted a net income of $19 million—or 3 cents per share—in the quarter ended June 30, compared with a loss of $2.07 billion—or $4.82 per share—a year earlier.
Total operating revenue jumped 361 percent to $7.48 billion. Analysts, on average, expected a revenue of $7.34 billion, according to Refinitiv data.
American ended the second quarter with about $21.3 billion of total available liquidity.
