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Local 512
October 25, 2024
My fellow 512 family,
American Airlines reported a $149 million net loss for the third quarter of 2024. However, they exceeded revenue forecasts, reaching $13.65 billion, which is slightly higher year over year. Although passenger demand remained steady, some revenue pressures emerged due to high operating costs, including wages and maintenance expenses. Fuel costs did decrease by over 10%, helping mitigate losses. American Airlines said it continues focusing on cost-cutting and efficiency improvements to navigate the fluctuating market conditions.
The Company continues to strengthen by reducing total debt by $360 million. They are more than $13 billion toward its goal of reducing total debt by $15 billion by the end of 2025 and ended the quarter with $11.8 billion in total available liquidity.
American Airlines recognized $354 million in net special items, taxes, and one-time charges in the third quarter, resulting from ratifying a new collective bargaining agreement with flight attendants.
CFO Devon May said that cost-cutting would remain a focus, with growing efforts in AI, taking an “AI lens to everything we do” – already they are “growing the airline by 5.5% but growing staff by only 1%.
In a recent article, they said that the airline has destroyed more shareholder value than any U.S. carrier in history, both inside and outside of bankruptcy. They don’t have a strategy to better critical markets like New York, Chicago, Los Angeles, and San Francisco. AI and cost-cutting alone are not visions.
Our annual benefits enrollment starts October 28, 2024, and runs until Nov 11, 2024. Your TWU Local 512 reps will be available to assist you. We will also have (NEP) National Enrollment Partners counselor to enroll our members in Union Benefit plans until November 8, 2024.
Here are a few items to remember when updating your company benefits: if you are not making any changes to your benefits, it is wise to log in and review them. All health savings accounts need to be replenished for the following year. Print a copy to avoid discrepancies if you are making or reviewing changes.
The TWU/IAM Association Contract Extension vote is open and closes on Tuesday, October 29, 2024, at noon central time. You can find your voting instructions in your AA email. You will also have the opportunity to review the extension documents before you vote by clicking on the link in the email.
Safety reminder: we recently had two aircraft damaged due to pods detaching from their dollies. Please ensure the front, back, and side handle locks are engaged. If these locks are not working, please tag them out of service. You can contact our safety stewards or the field office with any Safety concerns.
Join us for our fall celebration at the field office for Affy Tapple caramel apples while supplies last.
Sincerely and fraternally,
Juan Elvira
President – TWU Local 512
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