As it heads into its first quarter of 2023, the airline carrier expects capacity to be 8% to 10% higher than the first quarter of 2022.
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American raked in that record fourth-quarter revenue despite operating 6.1% less capacity, suggesting flyers keep paying up for seats. For the full year, American reported $127 million in net income. It was the first full-year profit for the carrier since 2019, CEO Robert Isom said in a message to employees Thursday morning.
The company paid an average of $3.50 per gallon of fuel in the fourth quarter, up 48% from last year. It expects that cost to come down to somewhere between $3.33 and $3.38 per gallon as it heads into its first quarter of 2023. Based on those cost estimates and where demand is going, American said it expects capacity to be 8% to 10% higher than the first quarter of 2022 and projects that it will break even on earnings per share.
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