American Airlines Group Inc. posted a 27% rise in year over year profit in the fourth quarter of 2019. This was primarily driven by strong demand in U.S. travel, offsetting flight cancellations due to the 737 Max Grounding.
Net income rose to $414 million, from $325 million in the quarter ended Dec. 31, 2019. Fourth quarter earnings were $1.15 per diluted share, up 17% year over year. Full year earnings were $3.79 per diluted share, up 8% year over year. The company has returned $1.3 Billion to shareholders in dividend payouts and share buybacks in 2019.
American Airlines Group Inc. experienced continued strength in passenger demand and a rising passenger load factor resulted in a 3.4% year over year increase in the fourth quarter. Subsequently, driving revenues to a record $11.3 billion.
CEO Doug Parker, said in a statement, “During the fourth quarter, we made important progress to address the issues that impacted our business in 2019, and, thanks to our incredible team, we ended the year with our strongest operational quarter on record.”
About American Airlines Group Inc.
American Airlines Group Inc. is a major American airline headquartered in Fort Worth, Texas. It is the world’s largest airline when measured by fleet size, revenue and passengers carried. American Airlines operates an international and domestic flight network of almost 6,800 flights per day to nearly 350 destinations in more than 50 countries.