American Airlines reported a net loss of 2.1 billion dollars in this year’s second quarter. “This was one of the most challenging quarters in American’s history,” said Doug Parker, the airline’s CEO.
Revenue fell from nearly $12 billion to $1.6 billion. One year ago, American posted a $662 million net profit over the same period. The company has ended the second quarter with approximately $10.2 billion of available liquidity, and secured further financial means of $5.95 billion, amounting to a liquidity balance of approximately $16.2 billion. The airline is not expecting to recover to pre-COVID levels until or after 2022.
CEO Doug Parker: “COVID-19 and the resulting shutdown of the U.S. economy have caused severe disruptions to global demand for air travel. In spite of these challenges, the American Airlines team has done a phenomenal job taking care of our customers and our fellow team members. We have moved swiftly to improve our liquidity, conserve cash and ensure customers are safe when they travel,” Parker continued. “There is much uncertainty ahead, but we remain confident we will emerge from this crisis more agile and more efficient than ever before.”
