United reports fifth consecutive quarterly loss while travel demand starts to recover

United on Monday reported its fifth consecutive quarterly loss, though travel demand has recently improved as Covid-19 vaccinations ramp up and governments loosen travel restrictions. The company posted a $1.36b net loss for Q1 $3.22b in revenue, which fell nearly 60% from the close to $8b in sales it generated in Q1 2020. United’s per-share loss on an adjusted basis came in at $7.50, compared with the $7.08 per share loss analysts expected. “We’ve shifted our focus to the next milestone on the horizon and now see a clear path to profitability,” CEO Scott Kirby said in an earnings release. “We’re encouraged by the strong evidence of pent-up demand for air travel and our continued ability to nimbly match it, which is why we’re as confident as ever that we’ll hit our goal to exceed 2019 adjusted EBITDA margins in 2023, if not sooner.” United said it expects its Q2 capacity to be down 45% from the same period in 2019, compared with a 54% decline in the first quarter from the same period two years ago. It expects revenue per seat mile to fall 20% in Q2 from 2019, the carrier said. Fuel costs continue to weigh on the airline and its competitors.<br/>