US major airlines were in the black in aggregate in 2011 for the second consecutive year, in spite of the fact that American Airlines, which filed for Chapter 11 bankruptcy protection last November, incurred a $2 billion full-year net loss in 2011, according to a US Securities and Exchange Commission filing.
The seven largest US airlines earned $295 million in net income in 2011, but excluding American, the remaining six majors earned a healthy $2.27 billion net profit.
AMR’s full-year 2011 revenue rose 8.2% over 2010 to $23.98 billion, outpaced by a 14.5% increase in expenses to $25.03 billion. AA is trying through Chapter 11 to reduce labor costs by $1.25 billion annually.
Overall, the seven major US airline companies’ full-year 2011 revenue grew 10.1% compared to 2010 to $134.68 billion. That followed a 14.8% revenue rise in 2010 over 2009. Expenses in 2011 increased by 13% year-over-year to $130.08 billion and operating profit was $4.6 billion, down 35.8% from operating income of $7.17 billion in 2010.