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.
The usage of artificial intelligence (AI) has accelerated rapidly in the fintech industry. Many insurance companies are using AI to compete with their competitors. These insurance companies use AI in
The COVID-19 pandemic brought several restrictions with it and led to shifts in consumer behavior in various aspects such as dining, shopping and entertainment. This is where digital payments came
Paychex (NASDAQ: PAYX) reported fourth quarter 2020 earnings results. Adjusted earnings of $0.61 per share and revenue of $915.1 million decreased year-over-year. However, the company's bottom and top-line results surpassed