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United Airlines Announces First Quarter 2020 Financial Results

CHICAGO, IL (STL.News) United Airlines (UAL) today announced first quarter 2020 financial results with a net loss of $1.7 billion, and an adjusted net loss¹ of $639 million.  The company also outlined U.S. airline industry-leading efforts to manage through the most disruptive global crisis in the history of aviation.  The company’s total liquidity as of the close of business on Wednesday, April 29, 2020 was approximately $9.6 billion, including $2 billion under its undrawn revolving credit facility.  The company currently expects daily cash burn² to average between $40 million and $45 million during the second quarter of 2020.

“Throughout the COVID-19 crisis we have maintained our focus – first on the safety of our customers and our people and second on swiftly taking action to keep United operating.  We have been at the forefront of warning how deep of an impact we expect this crisis could have and how long we expect it could last.  We’ve also led the industry in taking decisive steps to mitigate the operational and financial impacts of COVID-19 — making deep schedule reductions, drastically reducing spending and aggressively raising liquidity,” said Chief Executive Officer, Oscar Munoz.  “While we are still in the midst of this crisis, we will not hesitate to make difficult decisions we believe will ensure the long term success of our company.  When demand returns, we believe we’ll be positioned to bounce back strongly and quickly because of our early and aggressive efforts to fight the worst financial crisis in aviation history.”

NOTE: this is NOT the complete release.

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