Carrier American Airlines (NASDAQ:AAL) has edged higher premarket after topping first quarter earnings, revenue, and guidance expectations.
The airline reported Q1 EPS of $0.05, $0.01 better than the analyst estimate of $0.04, while revenue, which rose 37% YoY and was a record for the first quarter, came in at $12.2 billion versus the consensus estimate of $12.21 billion.
AAL shares are currently up 0.4% premarket, trading around the $12.79 mark.
The company said its revenue performance in the quarter was driven by strong demand, with the consumer appetite for air travel continuing to remain resilient despite an uncertain economic environment. In addition, AAL said it has seen noticeable strength in long-haul international demand.
The company and its regional partners said it operated more than 476,000 flights in the first quarter, with an average load factor of 80%.
Looking ahead, American Airlines sees Q2 earnings from $1.20 to $1.40 per share versus the consensus of $1.06. FY2023 earnings are seen between $2.50 and $3.50 per share versus the consensus of $2.35.