United Airlines records 'most difficult financial quarter' in its history in 2Q2020

22 July, 2020

United Airlines announced (21-Jul-2020) its "most difficult financial quarter in its 94 year history" in 2Q2020, with adjusted net losses of USD2.6 billion. Total operating revenues fell 87.1% year-on-year, while capacity also dropped 87.8%. Cash burn averaged USD40 million per day during this period, and average daily cash burn for 3Q2020 is forecast at USD25 million. Liquidity was approximately USD15.2 billion as of the close of business on 20-Jul-2020, with 3Q2020 liquidity projected to be over USD18 billion. United Airlines CEO Scott Kirby stated he expects the carrier "produced fewer losses and lower cash burn in the second quarter than any of our large network competitors". He explained "quick and aggressive action", such as "accurately" matching its schedule to reduced demand and "cutting expenses" systemwide, has resulted in United being positioned to " both survive the COVID crisis and capitalise on consumer demand when it sustainably returns". [more - original PR]