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American Airlines Group Inc. swung to a loss as the COVID-19 pandemic forced the grounding of non-essential travel.
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The Fort Worth, Texas-based air carrier lost $2.2 billion, or $5.26 a share, as total operating revenue plunged 20 percent to $8.52 billion. Adjusted loss per share, which excluded fleet impairment charges and one-time labor contract expenses, was $2.65 per share.
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Wall Street analysts surveyed by Refintiiv were expecting an adjusted loss of $2.33 a share on revenue of $8.94 billion.
“Never before has our airline, or our industry, faced such a significant challenge,” American Airlines CEO Doug Parker said in a statement.
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“We have moved quickly and aggressively to reduce our costs and bolster our liquidity,” he added. “We are particularly grateful for the $5.8 billion in financial assistance American will receive through the Payroll Support Program, and we appreciate the bipartisan congressional and U.S. Department of the Treasury and Department of Transportation support to protect airline jobs and ensure a strong and competitive U.S. airline industry.
This story is developing. Check back for updates.
