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Airline Industry Reported Steep Losses in 2001, BTS Year-end Financial Report Shows
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| Contact |
BTS 15-02
David Smallen
202-366-5568 |
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Thursday, July 11, 2002 -- The U.S. airline industry reported an operating loss of more than $10 billion
in 2001 and a net loss of almost $8 billion, according to Air Carrier Financial
Statistics Quarterly, a compilation of airline financial reports issued
by the U.S. Department of Transportation’s Bureau of Transportation Statistics.
The losses reported by the industry for 2001 compare to an operating profit
of $7 billion and a net profit of almost $3 billion in 2000. In 1999, the industry
reported an operating profit of almost $9 billion and net income of more than
$5 billion.
During calendar year 2001, the U.S. Department of Transportation paid air
carriers a total of $3.8 billion of the $5 billion in direct payments made available
under the Air Transportation Safety and System Stabilization Act, which was
enacted to compensate airlines for losses suffered as a result of the Sept.
11, 2001, terrorist attacks. Without these payments, which are reflected in
the carriers’ results, industry losses would have been substantially greater.
Dr. Ashish Sen, BTS director, said BTS’ detailed airline financial statistics
could provide needed information for decision-makers at a critical time for
the airline industry. "BTS reports this comprehensive airline information
to help provide a better picture of the strengths and weaknesses of the airline
industry," he said.
The major air carriers, those with annual operating revenues of more than $1
billion, reported an operating loss of more than $9 billion and a net loss of
more than $7 billion. See the attached table for details. The major airlines
carried 544 million passengers in 2001, more than 85 percent of the industry
total.
Operating profit or loss is the profit or loss from performance of air transportation
and does not include nonoperating income and expenses, nonrecurring items or
income taxes. Net income or loss includes those items.
The information in Air Carrier Financial Statistics was collected
by the BTS Office of Airline Information. It includes detailed
financial statistics for 15 major air carriers, 35 nationals, 20 large regionals,
and 17 medium regionals. Summary information from small regionals and commuter
carriers is also included.
Quarterly issues of Air Carrier Financial Statistics are available from
BTS for $65 each. An annual subscription can be obtained for $250. To obtain
copies, send checks payable to "BTS" to:
Bureau of Transportation Statistics
400 Seventh St. SW, Room 3103
Washington, D.C. 20590
Attn: Customer Services, K-15
Air Carrier Financial Statistics may also be obtained by calling 202-366-3282
(press 1).
Excel | CSV
| Airline Industry |
|
|
| Operating Revenue |
$135,504,500 |
$119,355,700 |
| Operating Expense |
$128,275,100 |
$129,671,900 |
| Operating Profit (Loss) |
$7,229,400 |
($10,316,200) |
| Net Income (Loss) |
$2,630,100 |
($7,875,400) |
| Majors |
|
|
| Operating Revenue |
$117,391,500 |
$104,483,200 |
| Operating Expense |
$110,853,900 |
$114,031,400 |
| Operating Profit (Loss) |
$6,537,600 |
($9,548,200) |
| Net Income (Loss) |
$2,632,300 |
($7,185,800) |
| Nationals |
|
|
| Operating Revenue |
$12,014,300 |
$9,631,100 |
| Operating Expense |
$11,483,800 |
$10,064,500 |
| Operating Profit (Loss) |
$530,500 |
($433,400) |
| Net Income (Loss) |
$48,400 |
($451,300) |
| Large Regionals |
|
|
| Operating Revenue |
$893,500 |
$904,700 |
| Operating Expense |
$976,600 |
$962,700 |
| Operating Profit (Loss) |
($83,100) |
($58,000) |
| Net Income (Loss) |
($147,200) |
($71,800) |
| Medium Regionals |
|
|
| Operating Revenue |
$539,400 |
$414,900 |
| Operating Expense |
$525,400 |
$448,800 |
| Operating Profit (Loss) |
$14,000 |
($33,900) |
| Net Income (Loss) |
$47,200 |
($42,100) |
| Small Certificated |
|
|
| Operating Revenue |
$3,108,900 |
$2,764,100 |
| Operating Expense |
$2,808,400 |
$2,929,300 |
| Operating Profit (Loss) |
$300,500 |
($165,200) |
| Net Income (Loss) |
$156,700 |
($75,800) |
| Commuters |
|
|
| Operating Revenue |
$1,556,900 |
$1,157,700 |
| Operating Expense |
$1,627,000 |
$1,235,200 |
| Operating Profit (Loss) |
($70,100) |
($77,500) |
| Net Income (Loss) |
($12,900) |
($48,600) |
Nationals have annual operating revenue from $100 million to $1 billion.
Large Regionals have operating revenue of $20 million to $99 million.
Medium Regionals have operating revenue of less than $20 million.
Small Certificateds operate domestic flights only with aircraft of 60 seats
or less.
Commuters operate scheduled service with a minimum of five round trips per week
on at least one route.
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