United Airlines (UAL) has reported total operating revenues were down 87.1% year-over-year, on an 87.8% decrease in capacity in the second quarter 2020, the company said.
The airline reported a second quarter net loss of USD 1.6 billion, and an adjusted net loss of USD 2.6 billion.
The company´s total liquidity as of the close of business on Monday, July 20, 2020 was approximately USD 15.2 billion. United now expects liquidity at the end of the third quarter to be over USD 18 billion.
Cash burn during the second quarter averaged USD 40 million a day, including USD 3 million of principal payments and severance expenses. The company currently is forecasting average daily cash burn to be approximately USD 25 million during the third quarter of 2020 including USD 6 million of principal repayments and severance expenses.
The company continues to take aggressive action to mitigate the impact of the COVID-19 pandemic by raising liquidity and reducing cash burn. The company is focused on remaining flexible to position the airline to bounce back when demand recovers.
United launched United CleanPlus, to reinforce the company´s commitment to putting health and safety at the forefront of the entire customer experience, with the goal of delivering an industry-leading standard of cleanliness by partnering with Clorox and experts from the Cleveland Clinic.
United´s shared purpose is Connecting People. Uniting the World.