American Airlines said Tuesday that it took advantage of rebounding air traffic in the United States to restore positive cash flow in the second quarter for the first time since the start of the pandemic.
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The company, which was burning up to $100 million per day at the start of the COVID-19 outbreak, managed to release $1 million net per day from April to June, according to a detailed statement.
“We ended the second quarter with more than $21 billion in total cash available, the highest amount in American history by far,” Doug Parker, managing director, and Robert Isom, chief US operations officer, said in a letter to employees. .
The company, which will release its final quarterly results on July 22, still expects second-quarter revenue to fall 37.5% compared to the same period in 2019, before the pandemic.
Including exceptional tax gains, the company expects an outcome ranging from a net loss of $35 million to a net profit of $25 million. After adjusting for this exceptional item, its loss should be between $1.1 billion and $1.2 billion.
Better than expected turnover
But officials said in their posts that the sales volume was better than expected. It is clear that we are moving in the right direction.”
They recall that the company expected its turnover to fall by 40%. Officials add that the adjusted loss, while still significant, “is the lowest since the beginning of the pandemic.”
US stocks, which fell nearly 4% in the official Wall Street session on Tuesday, rose about 1.5% in electronic trading after the new numbers were released.
The COVID-19 vaccination campaign in the United States has allowed the economy to gradually reopen. And Americans are back in travel: The number of passengers checked by the Transportation Security Agency (TSA) is still 15%-20% lower than it was before the pandemic, but is now regularly over 2 million a day.
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