AMR Corp., Fort Worth, Texas, reported a $432 million gain from its sale of its American Beacon Advisors Inc. asset management unit, according to a quarterly financial report filed today with the SEC.
The sale was chiefly responsible for AMR, parent of American Airlines Inc., recording a net profit of $45 million in the three months ended Sept. 30.
Without the sale or other special items, AMR had a loss of $360 million for the period.
AMR last month completed the sale of American Beacon for $480 million to Lighthouse Holdings Inc., which is owned by investment funds connected with private equity firms Pharos Capital Group and TPG Capital. AMR retained a 10% equity interest in American Beacon, said Blake Zipoy, manager of marketing and client relationships at American Beacon.
American Beacon had $57 billion under management as of Aug. 31, according to an AMR statement.
American Beacon continues to provide investment advisory services for American Airlines $9.1 billion pension fund, $7.3 billion 401(k) plan and other employee benefit funds, as well as cash management for AMR.
William F. Quinn, who remains chairman of American Beacon, retired as vice president of AMR in September. Mr. Quinn was out of the office and unavailable for comment.