A flurry of first quarter results from the large US carriers show an improved picture across the board, with passenger traffic up aiding a recovery in revenue and balance sheet strength even though net losses persist. American Airlines reported first quarter revenue of $8.9bn – a steep rise from the $4bn posted in the year-ago quarter and which represents a recovery to 84% of pre-COVID levels in Q1 2019. The rise was boosted by a return of passenger revenue of $7.8 billion, and cargo revenues of $364 million. The airline produced record sales in March, which it was the first

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