U.S. airlines are reporting impressive revenue for the third quarter as earnings for the penultimate period continue to benefit from the resurgent travel demand.
American Airlines today reported a record profit for Q3, experiencing $483 million profit on $13.46 billion in revenue for the period beginning July 1 and ending September 30, 2022. That’s up 13 percent from the same period in 2019, the last full pre-pandemic year that the travel industry uses as a measuring stick to gauge its comeback.
“Demand remains strong, and it’s clear that customers continue to value air travel and the ability to reconnect post-pandemic,” CEO Robert Isom said in an employee note seen by CNBC.
The financial media outlet also reported that the airline believes it will get back close to 100 percent of its 2019 capacity and expects Q4 earnings to be up 13 percent compared to the same period three years ago.
American isn’t the only airline whose numbers are up. This week, United Airlines announced it earned $942 million in profit in Q3 on $12.48 billion in revenue. United CEO Scott Kirby said he continues to see the benefits that remote or hybrid work is bringing to travel, especially leisure travel.
“When you were tethered to your desk and had to be there Monday through Friday, 9 to 5, you couldn’t get away for a weekend,” Kirby said during an event at The Washington Post. “Now you can leave on Wednesday or Thursday or come back on Monday, Tuesday or Wednesday and work remotely for one or two days.”
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