6:06:33 AM PDT - Saturday, October 24th, 2020

Airlines: There Will Be Tears  

By Editor - Sat Oct 17, 12:18 am

United Airlines Holdings, Inc. (NASDAQ: UAL) posted its third huge quarterly loss of the year, saying it is ready to “turn the page” and prepare for a recovery from the worst financial crisis ever faced by the airline industry. United is the second US airline to report results after Delta Air Lines (NYSE: DAL) announced a $2.1 billion operating loss Tuesday. US airlines are expected to report about $10 billion in losses for the quarter.United AirlinesRevenue tumbled 78%, which is, at the very least, less than the 87% drop in the previous quarter. But, when the revenue from passengers is adjusted for UA's 70% reduction in capacity, it fell only 47%. United believes this to be the smallest drop of any major US airline on that basis.Net loss of $1.8 billion, however, exceeded the previous quarter's loss. But this wasn't a surprise considering the circumstances and shares did not see any significant change following the report. However, excluding special items, the loss was $2.4 billion which is slightly less than the $2.6 billion from the previous quarter but also a bit more than analysts' forecasts.Even though the negative impact of the pandemic will persist in the near term, United is focused to bring its furloughed employees back to work and position itself to emerge as the global leader in aviation

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Airlines: There Will Be Tears

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