United Airlines Posts Hefty Adj. Loss In Q2; Revenues Down 87.1%

(RTTNews) - United Airlines (UAL) reported a second quarter adjusted loss per share of $9.31 compared to profit of $4.21, previous year. On average, 17 analysts polled by Thomson Reuters expected the company to report a loss per share of $9.02, for the quarter. Analysts' estimates typically exclude special items. Adjusted net loss was $2.6 billion, for the quarter.

Second quarter total operating revenues were down 87.1% year-over-year to $1.48 billion, on an 87.8 percent decrease in capacity year-over-year. Analysts expected revenue of $1.32 billion for the quarter.

Cash burn during the second quarter averaged $40 million a day. The company currently forecasts average daily cash burn to be approximately $25 million during the third quarter of 2020.

The company's total liquidity as of the close of business on July 20, 2020 was approximately $15.2 billion. United now expects liquidity at the end of the third quarter to be over $18 billion.

In third quarter, the company expects consolidated system capacity to be down 65% year-on-year. The company will continue to proactively evaluate and cancel flights on a rolling 60-day basis.

For the full-year 2020, the company now projects adjusted capital expenditures to be approximately $3.7 billion.