American Airlines Group Reports Third-Quarter 2020 Financial Results
FORT WORTH, TX (STL.News) American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2020 financial results, including:
- Third-quarter revenue of $3.2 billion, down 73% year-over-year on a 59% year-over-year reduction in total available seat miles (ASMs).
- Third-quarter pretax loss of $3.1 billion. Excluding net special items, third-quarter pretax loss of $3.6 billion.
- Third-quarter net loss of $2.4 billion, or ($4.71) per share. Excluding net special items, third-quarter net loss of $2.8 billion, or ($5.54) per share.
- Ended third quarter with approximately $13.6 billion of total available liquidity. In addition, in October, the company increased its loan capacity by $2 billion through the CARES Act loan program to $7.5 billion. With this increase, the company’s third-quarter pro forma liquidity balance is approximately $15.6 billion.
- Announced authorization to issue up to $1 billion of equity in an at-the-market offering to further bolster liquidity.
“During the third quarter, we took action to reduce our costs, strengthen our financial position, and ensure our customers return to travel with confidence,” said American Airlines Chairman and CEO Doug Parker. “The American Airlines team is doing a remarkable job taking care of our customers and each other during the most challenging time in our industry’s history.
“We have a long road ahead and our team remains fully engaged and focused not just on managing through the pandemic, but on making sure we are prepared for when demand returns. We are confident that the continued efforts of our team and the actions we have taken will drive customer confidence and strengthen our company for the future.”
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