American Airlines posts third straight quarterly loss

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 9/3/2026

1. SNOW
2. AVGO
3. RARE
4. HPE
5. FIVE
6. SPY
7. VRTS
8. NTAP
9. OLLI
10. NTSK

October 22, 2020 7:03 AM EDT

FILE PHOTO: A member of a ground crew walks past American Airlines planes parked at the gate during the coronavirus disease (COVID-19) outbreak at Ronald Reagan National Airport in Washington, U.S., April 5, 2020. REUTERS/Joshua Roberts/File Photo

(Reuters) - American Airlines Group Inc (NASDAQ: AAL) reported a third straight quarterly loss on Thursday, hurt by a slump in travel globally due to the COVID-19 pandemic.

The company said its third-quarter cash burn rate was about $44 million per day, compared with about $58 million a day in the second quarter.

The airline industry, hard-hit by the virus outbreak has so far failed to secure another $25 billion bailout to help protect jobs and cover payroll costs.

The company posted a net loss of $2.40 billion, or $4.71 per share, in the third quarter ended Sept. 30, compared with a profit of $425 million, or 96 cents per share, a year earlier.

On an adjusted basis, the company lost $5.54 per share. Total operating revenue fell to $3.17 billion from $11.91 billion.

American Airlines ended the third quarter with $13.6 billion in available liquidity.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Shounak Dasgupta)


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

General News, Reuters