United sees cash burn easing on virus-era cost cuts

United will wrestle its average daily cash burn down to no more than $45m in Q2 as the carrier braces for a prolonged travel slump due to coronavirus. That would be less than half the amount United was going through in March, as the coronavirus pandemic all but erased travel demand and prompted mass cancellations by customers. Like other airlines, United is trying to ride out the worst crisis in the industry’s history as passenger totals fall more than 90% in the U.S. alone. The company said it had a $9.6b pile of cash and short-term assets as of Wednesday, not including a potential US government loan of $4.5b. United has already lined up $5b in payroll assistance from the Treasury Department to US carriers. United recorded an adjusted loss of $2.57 a share in Q1, a smaller shortfall than the $3.37 average of analyst estimates compiled by Bloomberg. Sales dropped 17% to $7.98b, the carrier said Thursday, affirming preliminary results it released April 20 in a regulatory filing.<br/>