American Airlines Group Inc. announced consolidated unaudited earnings and traffic results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total operating revenues of $9,630 million compared with $10,160 million for the same period a year ago. Operating income was $1,068 million compared with $860 million for the same period a year ago. Income before income taxes was $244 million compared with $567 million for the same period a year ago. Net income was $3,281 million or $5.09 per diluted share compared with $597 million or $0.82 per diluted share for the same period a year ago. Adjusted income before tax was $1,286 million compared with $1,080 million for the same period a year ago. Adjusted net income was $1,286 million or $2.00 per diluted share compared with $1,104 million or $1.52 per diluted share for the same period a year ago. Adjusted operating income was $1,518 million compared with $1,342 million for the same period a year ago.

For the full year, the company reported total operating revenues of $40,990 million compared with $42,650 million for the same period a year ago. Operating income was $6,204 million compared with $4,249 million for the same period a year ago. Income before income taxes was $4,616 million compared with $3,212 million for the same period a year ago. Net income was $7,610 million or $11.07 per diluted share compared with $2,882 million or $3.93 per diluted share for the same period a year ago. Adjusted income before tax was $6,290 million compared with $4,168 million for the same period a year ago. Adjusted net income was $6,269 million or $9.12 per diluted share compared with $4,184 million or $5.70 per diluted share for the same period a year ago. Adjusted operating income was $7,284 million compared with $5,073 million for the same period a year ago. Fourth quarter 2015 revenue was negatively impacted by large capacity increases in certain domestic segments as well as weaker yields in international markets due principally to foreign currency devaluation. Lower surcharges and continued economic softness in Latin America also contributed to the decline in revenue. During the fourth quarter of 2015, the company generated $674 million in cash flow from operations.

For the quarter, the company reported revenue passenger miles of 54,133 million compared with 52,140 million for the same period a year ago. Available seat miles was 65,453 million compared with 65,053 million for the same period a year ago. Passenger load factor was 82.7% compared with 80.1% for the same period a year ago.

The company declared a dividend of $0.10 per share to be paid on February 24, 2016, to shareholders of record as of Feb. 10, 2016.

Looking forward, 2016 and '17 will be a peak period for capital expenditures as spend approximately $4.5 billion on fleet renewal program. Beginning in 2018, aircraft CapEx will decline from $4.5 billion to approximately $3 billion each year. 2016 and '17 non-aircraft CapEx guidance is $1.2 billion each year, and expect this to decline to an annual rate of approximately $800 million, starting in 2018, as complete integration of internal systems. The company expects to recognize a provision for income taxes, beginning in 2016, at an effective rate of approximately 38%. For the full year 2016, the company expects to invest $1.2 billion in non-aircraft CapEx, which includes many investments to improve products and operation.