- American Airlines lost $2.2 billion dollars in the first quarter as the coronavirus roils the airline industry.
- The airline retired a variety of aircraft types as part of its effort to lower expenses, including its Boeing 757 and 767, Embraer E190, and Airbus A330-300 fleets.
- It was
American Airlines ' biggest loss since 2008. - Visit Business Insider's homepage for more stories.
American
The loss came as the ongoing
American Airlines' loss came on revenue of $8.52 billion — which was down nearly 20% from last year, but in line with other airlines that have reported their results.
The airline lost $2.65 per share on an adjusted basis.
As the crisis has begun to look like a long-term downturn with an even longer recovery, airlines around the world have grounded planes and suspended routes. American sent its 757, 767, E190, and A330-300 fleets into early retirement, with CEO Doug Parker acknowledging that the airline will "have to be smaller" to recover.
The airline has also received $10.6 billion in credit line and payroll grants through the federal CARES Act, and sought other credit lines. The airline ended the quarter with $6.8 billion in available liquidity, and expects to end the second quarter with $11 billion.
US airlines have slashed capacity 80-90% in recent weeks, as travel demand has dropped as much as 97% amid corporate travel bans, stay-at-home orders, and anxiety over the outbreak.
"Never before has our airline, or our industry, faced such a significant challenge," Parker said in a press release.
The airline will hold an earnings call with analysts and reporters Thursday morning.
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