American Airlines Group (NASDAQ: AAL) today reported its first quarter financial results for the period ended March 31, 2020.
Net loss was $2.2 billion, or ($5.26) per share, compared to net income $185 million or $0.41 per share in the first quarter of 2019.
Total operating revenues declined 19.6% to $8.51 billion.
Never before has our airline, or our industry, faced such a significant challenge.
– Doug Parker, Chairman and CEO
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During the quarter, AAL repurchased 6.4 million shares of its common stock for $145 million and paid dividends of $43 million.
The company expects average cash burn rate for second quarter 2020 to be approximately $70 million per day.
While the length and severity of the reduction in demand due to COVID-19 is uncertain, we presently expect the deterioration to increase in the second quarter of 2020 and our results of operations for the remainder of 2020 to be severely impacted.
– AAL’s recent SEC Filing
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