⁍ Chicago-based United said its daily cash burn slowed to an average $25 million in the quarter ended September from $40 million in the second quarter.
⁍ The company had $19.4 billion of liquidity at Sept. 30, giving it some runway to weather a crisis that has pummeled air travel demand.
– United Airlines reported a net loss of $2.37 billion, or $8.16 per share, in the third quarter, compared to a year-ago profit of $1 billion, or $4.07 per share. Excluding one-time items, the airline reported an adjusted loss of $2.37 billion, or $8.16 per share, Reuters reports. The company had $19.4 billion of liquidity at Sept. 30, giving it some runway to weather a crisis that has pummeled air travel demand. United furloughed thousands of employees this month as a second round of payroll relief from Washington has so far failed to materialize, but reached a deal with its pilots to avoid imminent furloughs. “Even though the negative impact of COVID-19 will persist in the near term, we are now focused on positioning the airline for a strong recovery that will allow United to bring our furloughed employees back to work and emerge as the global leader in aviation,” said CEO Scott Kirby.
Source: https://www.reuters.com/article/united-arlns-results/update-1-united-airlines-slashes-costs-to-prepare-for-eventual-covid-19-rebound-idUSL4N2H53XU