United Announces First Quarter (1Q) 2020 Financial Results
May 2, 2020
Source: United Airlines
This past week, United announced first quarter 2020 financial results with a net loss of $1.7 billion, and an adjusted net loss of $639 million. United reported:
- First quarter diluted loss per share of $6.86 and pre-tax loss of $2.1 billion.
- First quarter adjusted diluted loss per share of $2.57 and adjusted pre-tax loss of $1.0 billion.
The company's total liquidity as of the close of business on Wednesday, April 29, 2020, was approximately $9.6 billion, including $2 billion under its undrawn revolving credit facility. The company currently expects daily cash burn to average between $40 million and $45 million during the second quarter of 2020.
Note: Cash burn is defined as: Net cash from operations, less investing and financing activities. Proceeds from the issuance of new debt (excluding expected aircraft financing), government grants associated with the Payroll Support Program of the CARES Act and issuance of new stock are not included in this figure.