American Airlines Posts $2.2 Billion Loss on COVID-19 Woes
American Airlines Group (NASDAQ: AAL) lost $2.2 billion in the first quarter as the airline industry was decimated by the COVID-19 pandemic. The company reported quarterly results this morning. The airline is taking steps to cut costs to weather the storm, but will likely need to raise additional capital in the months to come.
Before markets opened Thursday, American said it lost $2.65 per share in the quarter on revenue of $8.52 billion, falling short of consensus expectations for a $2.33-per-share loss on revenue of $8.9 billion. The airline ended the quarter with $6.8 billion in available liquidity, but expects to end the current quarter with $11 billion in cash thanks to government support and other balance sheet preservation efforts.
Image source: American Airlines.
Source Fool.com
