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‘8-K’ — 8-K 03.12.24 Jpm Industrials Conference and Ir Update
Registrant’s telephone number, including area code:
(i682) i278-9000
(i682)
i278-9000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
i☐
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i☐
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading Symbol(s)
Name of each exchange on which registered
iCommon Stock, $0.01 par value per share
iAAL
iThe
Nasdaq Global Select Market
iPreferred Stock Purchase Rights
—
(1)
(1)Attached to the Common Stock
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging
growth company
i☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM
7.01.
REGULATION FD DISCLOSURE.
On March 12, 2024, American Airlines Group Inc. (the “Company”) is presenting information relating to its financial and operational outlook at the 2024 J.P. Morgan Industrials Conference. As previously announced, this presentation will be webcast with the link available at the Company’s website at www.aa.com under “Investor Relations.” The presentation slides will also be posted to this website.
Also on March 12, 2024, the Company provided to investors updated financial and operational guidance relating to the first quarter of 2024. Fuel
prices have increased considerably since the Company’s initial first-quarter guidance issued on January 25, 2024. The Company now expects to pay an average of between $2.80 and $2.90 per gallon of jet fuel1 (including taxes) in the first quarter. Based on these updated assumptions related to increased fuel costs, the Company expects its adjusted loss per diluted share2 to be at the low end of the prior guidance range of approximately ($0.15) and ($0.35). The Company is reaffirming its full-year 2024 guidance.
Estimated
1Q 2024
Current Guidance
Previous Guidance
Available seat miles (vs. 1Q 2023)
No change
~ +6.5% to +8.5%
TRASM3 (vs. 1Q 2023)
No change
~ -3.5% to -5.5%
CASM-ex4 (vs. 1Q 2023)
No change
~
+2% to +4%
Average fuel price1 (incl. taxes) ($/gallon)
~ $2.80 to $2.90
~ $2.65 to $2.85
Adjusted loss per diluted share2 ($/share)
Low end of prior range
~ ($0.15) to ($0.35)
1Based on the forward fuel curve as of March
8, 2024. Consumption of ~1.04 to 1.06 billion gallons assumed in 1Q 2024.
2Adjusted loss per diluted share excludes net special items and is a non-GAAP measure. Adjusted loss per diluted share calculation assumes a diluted share count of 655.7 million for 1Q 2024. Shares outstanding are based upon several estimates and assumptions, including average per share stock price and stock award activity. The number of shares in actual calculations of loss per share will likely differ from those set forth above.
3Total revenue per available seat mile.
4CASM-ex is cost per available seat mile (CASM) excluding fuel and net special items and is a non-GAAP measure.
The information in this Item 7.01 is being furnished and shall not
be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Non-GAAP Financial Information and Financial Guidance
The Company sometimes uses financial measures that are derived from the condensed consolidated financial statements or otherwise provided in the form of guidance but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The Company believes these non-GAAP financial measures may also provide
useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. The price of fuel, over which the Company has no control, impacts the comparability of period-to-period financial performance. Additionally, net special items may vary from period-to-period in nature and amount. These adjustments to exclude fuel and net special items allow management an additional tool to understand and analyze the Company’s non-fuel costs and core operating performance.
This document includes forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,”“will,”“expect,”“intend,”“anticipate,”“believe,”“estimate,”“plan,”“project,”“could,”“should,”“would,”“continue,”“seek,”“target,”“guidance,”“outlook,”“if current trends continue,”“optimistic,”“forecast” and other similar words. Such statements include, but are not limited to, statements about the Company’s plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical
facts. These forward-looking statements are based on the Company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (especially in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations), and other risks and uncertainties listed from time to time in the Company’s other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in the forward-looking
statements and may also cause actual results to differ materially from those discussed. The Company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, American Airlines Group Inc. has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Executive Vice President and Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, American Airlines, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
