American Airways Group Inc. (NASDAQ: AAL) at the moment reported its first-quarter 2020 monetary outcomes.
The important thing takeaways from this Q1 2020 monetary report are:
American’s common estimated second-quarter 2020 cash burn charge is predicted to be roughly $70 million per dayAAL expects to have roughly $11 billion of liquidity on the finish of the second quarter.In value reducing transfer AAL accelerated the retirement of 4 plane sorts, consisting of 20 Embraer 190s, 34 Boeing 757s, 17 Boeing 767s and 9 Airbus A330-300“Never before has our airline, or our industry, faced such a significant challenge,” stated American Airways Chairman and CEO Doug Parker. “True to style, the American Airways staff has performed an exceptional job taking good care of our clients and one another throughout such tough and infrequently heartbreaking occasions. We’re extremely pleased with their selflessness and dedication to others.
“We have moved quickly and aggressively to reduce our costs and bolster our liquidity,” Parker continued. “We’re notably grateful for the $5.eight billion in monetary help American will obtain by the Payroll Help Program, and we respect the bipartisan congressional and U.S. Division of the Treasury and Division of Transportation assist to guard airline jobs and guarantee a powerful and aggressive U.S. airline trade.
“We have a lot of difficult work ahead of us. And while there is still uncertainty in what’s to come, we are confident that through the dedication of the American Airlines team and our swift actions, we will get through this for our team, our customers and our shareholders.”
For earnings name (at the moment at 7:30 a.m. CDT) head over to AAL and register.
American Airways Group Inc (NASDAQ: AAL) stock price closed at $12.63 on Wednesday and it’s is barely up on Thursday morning.