American Airlines Group Inc. (NASDAQ: AAL) today reported its second-quarter 2020 financial results. Here the Highlights:
- Second-quarter pretax loss of $2.7 billion. Excluding net special items1, second-quarter pretax loss of $4.3 billion.
- Second-quarter net loss of $2.1 billion, or ($4.82) per share. Excluding net special items1, second-quarter net loss of $3.4 billion, or ($7.82) per share.
- Boosted available liquidity by a net $3.6 billion in the quarter through offerings of common stock, convertible bonds and secured bonds.
- Ended second quarter with approximately $10.2 billion of available liquidity. Additionally, signed term sheet with the U.S. Department of the Treasury for $4.75 billion secured loan, which is expected to close in the third quarter, and announced two senior secured note transactions totaling $1.2 billion. The company’s second-quarter pro forma liquidity balance including these transactions would be approximately $16.2 billion.
American Airlines Chairman and CEO Doug Parker said the following:
“This was one of the most challenging quarters in American’s history. 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. There is much uncertainty ahead, but we remain confident we will emerge from this crisis more agile and more efficient than ever before.”
Shares are up 2% premarket, but are down 60% in the year to date.
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