American Airlines loses $1.6 billion but sees better outlook

American Airlines says the first quarter was difficult, with another large loss, but it expects to turn a profit in the second quarter as more people return to travel

DALLAS -- American Airlines lost $1.64 billion in the first quarter, a wider loss than a year ago, but said Thursday that it expects to turn profitable in the spring as travel demand strengthens.

The airline’s shares soared more than 10% higher in early trading before the market opened.

Air travel was subdued early in the year by the omicron variant that caused an increase in COVID-19 cases, but passengers returned in March, and American said it earned a profit that month, excluding certain items.

Revenue more than doubled from a year earlier, returning to 84% of the pre-pandemic level from early 2019.