AMR Loses Half Billion in Last Quarter | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-12.02.24

Airborne-NextGen-12.03.24

Airborne-Unlimited-12.04.24

Airborne Flt Training-12.05.24

Airborne Holiday

Thu, Jan 23, 2003

AMR Loses Half Billion in Last Quarter

<$3.5> Billion for Terrible Year

As they say, "Consistent with expectations," AMR Corporation, the parent company of American Airlines, Inc., reported a fourth quarter net loss of $529 million, or $3.39 per share. This compares with last year's fourth quarter net loss of $734 million before special items, and $798 million -- $5.17 per share -- after special items.

For full year 2002, AMR reported a net loss of $2.0 billion before special items, and $3.5 billion -- $22.57 per share -- after special items. For 2001, the Company reported a net loss of $1.4 billion before special items, and $1.8 billion -- or $11.43 per share -- after special items. "Clearly, results such as the ones we reported today are unsustainable," said Don Carty, AMR's chairman and chief executive officer.

"While there are many factors that impacted our results during 2002, including a sluggish economy, high fuel prices, lingering concerns over terrorism and the possibility of a war in the Middle East, the core issue for our Company remains a cost structure that is out of step with the revenue environment facing domestic airlines. As we've been discussing with our employees, we believe that a permanent shift has occurred in the airline revenue environment which will require us to reduce our annual costs by at least four billion dollars."

Carty continued, "The people of American have made tremendous strides to reduce our operating costs by de-peaking our Chicago and Dallas/Ft. Worth hubs, simplifying our fleet, automating customer ticketing and check-in functions, as well as a host of other programs designed to reduce our long- term structural costs. These incredibly significant efforts have resulted in a permanent annual savings of two billion dollars. Nonetheless, we still have a very big challenge in front of us to achieve our four billion cost-reduction target."

FMI: www.amrcorp.com

Advertisement

More News

ANN's Daily Aero-Term (12.03.24): Area Navigation (RNAV)

Area Navigation (RNAV) A method of navigation which permits aircraft operation on any desired flight path within the coverage of ground− or space−based navigation aids >[...]

ANN's Daily Aero-Linx (12.03.24)

Aero Linx: The Collings Foundation The Collings Foundation is a non-profit, Educational Foundation (501(c)3), founded in 1979. The purpose of the Foundation is to preserve and exhi>[...]

Aero-News: Quote of the Day (12.04.24)

“We learned a great deal in the process, such as greater coding skills, soldering techniques, and video editing skills...” Source: Cuyahoga County Team Captain John Ana>[...]

Airborne 12.04.24: 1st Flt-Integral E!, GAMA 3Q24 Stats, Heart Gears Up

Also: Swift Hits 56000', 100 Midnight Order, $1.4B For ATC, USCG/USAF Rescue Op INTEGRAL E, the all-electric version of Aura Aero’s two-seat aircraft, made its maiden flight >[...]

Airborne Affordable Flyers 11.26.24: BushCat's Back!, LODA Update, DRL Miami

Also: Van Celebrates 85th, Trio Pro Pilot Autopilot, Joby on MSFS24, Sonex Transition The BushCat was manufactured in South Africa by SkyReach beginning in 2014, selling its first >[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC