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
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
You may also like:
Will the Airline Industry Evolve or Die After the Black Swan-ish Disruption?
Is the airline industry staring at an evolutionary cycle after the Coronavirus-induced Pandemic that has no parallels in the past? What was the thought process of top airline executives as Covid-19 unfolded? Were they prepared? What lies ahead? We try to find out from the treasure trove of Earnings Transcripts & Press Releases.
Software giant Microsoft Corp. (NASDAQ: MSFT) on Tuesday reported higher revenues and earnings for the second quarter of 2022. The results also topped expectations. At $51.7 billion, second-quarter revenues were
When online platforms thrived on the unusually strong traffic growth during the shutdown, as home-bound people turned to video-streaming and gaming sites, there was speculation that the trend might reverse
Production disruption and logistics issues continue to have a crippling effect on the industrial sector but the performance of companies, in general, has been mixed so far. Fastenal Company (NASDAQ: