Third-Quarter Financial Results & Positioning United for our post-COVID Future
October 17, 2020
Earlier this week, in addition to announcing third quarter operating results, management publicly outlined future plans to rebound from the COVID-19 pandemic by delivering on its three-pillar strategy of building and maintaining liquidity, minimizing cash burn and variabilizing its cost structure. United management credits achieving these objectives in managing the crisis which positions United to lead the industry when demand for air travel returns.
- The company had a net loss of $1.8 billion, and an adjusted net lossof $2.4 billion.
- Total operating revenues were down 78 percent year-over-year, on a 70 percent decrease in capacity year-over-year.
- Passenger revenue was down 84 percent year-over-year.