American Airlines reports 2Q loss as COVID-19 hits demand

24 Juillet, 2020, 15:20 | Auteur: Auguste Feret
  • Delta Airlines

American Airlines posted its second consecutive quarterly loss on Thursday, as the COVID-19 pandemic and the resulting shutdown of the USA economy hurt demand for air travel.

While revenue of $1.01 billion slid 83% from the prior-year period, it managed to top Wall Street's estimate of $868.9 million.

It reported a net loss of $2.07 billion, or $4.82 per share, for the quarter ended June 30, compared with a profit of $662 million, or $1.49 per share, a year earlier.

"This was one of the most challenging quarters in American's history", said Chief Executive Doug Parker.

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Following cost-saving moves such as retiring four aircraft types and voluntary leave for thousands of employees, American reduced its daily cash burn rate from almost $100 million in April to around $30 million in June.

American said it expects third-quarter capacity to be down around 60 percent from the year-ago level.

Shares of American are up 1.76% premarket to $11.56 vs. the 52-week range of $8.25-$34.82.

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