Chairman and CEO Doug Parker said the airline continues to see signs that demand for tickets is improving.
American said it burned through $27 million in cash each day in the quarter, down from $30 million a day in the fourth quarter of 2020. The airline said it reduced 2021 costs by more than $1.3 billion, including a new round of voluntary buyouts that will result in 1,600 employees leaving the company.
Leisure travel within the U.S. has picked up recently, with about 1.4 million travelers going through airports each day this month. Still, that remains about 40% below the pre-pandemic pace of 2019.
With less traffic, American reached a deal with Boeing to delay delivery of 23 737 Max jets until 2023 and 2024 and convert five of those to a larger version of the plane. American expects to take 14 Max jets over the next 12 months.
For CEOs, the New Business of Business Is Politics
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After miserable 2020, American and Southwest Airlines now hope for recovery - Silicon Valley Business Journal
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