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American Airlines expects slight dip in 2023 cargo revenue
来源：shippingazette 编辑：编辑部 发布：2023/02/01 11:46:40
AMERICAN Airlines' fourth quarter cargo revenue fell at a greater clip than the rest of 2022 but yields remained well above the pre-pandemic baseline and the company still generated the second-best annual cargo sales in its history, reports New York's FreightWaves.
The Fort Worth, Texas, carrier reported US$263 million in cargo revenue for the final three months of the year, a 23 per cent drop from the 2021 market high as the yearlong slowdown in business accelerated. The results were 22 per cent better than in 2019, a benchmark for stable business before the Covid crisis upset the global economy, and the same as in 2018 - a robust year for the air cargo industry and American Airlines' best quarter prior to 2021.
For the full year, American recorded $1.23 billion in cargo revenue, down 6.2 per cent - $80 million - from 2021, but 42.5 per cent above 2019 and nearly 22 per cent above the previous high-water mark in 2018.
CFO Devon May said on the earnings briefing that management expects cargo revenue to decline slightly in 2023.
All airlines experienced reduced cargo earnings in 2022 as high inflation and global economic uncertainty crimped consumer spending, retailers with high inventories cut back overseas orders and cargo flowed back to ocean transport with reduced congestion and cheaper rates. The fourth quarter typically is the strongest shipping period ahead of the holidays, but bookings stayed tepid.
Among the big three US international carriers, United Airlines took the cargo prize once again with $472 million in fourth-quarter revenue and $2.17 billion in revenue for the year. But it also lost more ground than American, with quarterly and full-year declines of 35 per cent and 7.6 per cent, respectively, versus 2021.
Delta Air Lines also squeaked past the $1 billion mark after cargo revenue slid more than 18 per cent to $248 million in the quarter.
The Fort Worth, Texas, carrier reported US$263 million in cargo revenue for the final three months of the year, a 23 per cent drop from the 2021 market high as the yearlong slowdown in business accelerated. The results were 22 per cent better than in 2019, a benchmark for stable business before the Covid crisis upset the global economy, and the same as in 2018 - a robust year for the air cargo industry and American Airlines' best quarter prior to 2021.
For the full year, American recorded $1.23 billion in cargo revenue, down 6.2 per cent - $80 million - from 2021, but 42.5 per cent above 2019 and nearly 22 per cent above the previous high-water mark in 2018.
CFO Devon May said on the earnings briefing that management expects cargo revenue to decline slightly in 2023.
All airlines experienced reduced cargo earnings in 2022 as high inflation and global economic uncertainty crimped consumer spending, retailers with high inventories cut back overseas orders and cargo flowed back to ocean transport with reduced congestion and cheaper rates. The fourth quarter typically is the strongest shipping period ahead of the holidays, but bookings stayed tepid.
Among the big three US international carriers, United Airlines took the cargo prize once again with $472 million in fourth-quarter revenue and $2.17 billion in revenue for the year. But it also lost more ground than American, with quarterly and full-year declines of 35 per cent and 7.6 per cent, respectively, versus 2021.
Delta Air Lines also squeaked past the $1 billion mark after cargo revenue slid more than 18 per cent to $248 million in the quarter.