American Airlines loss narrows as travel demand picks up
American Airlines Group reported a smaller quarterly loss on Thursday as rising vaccination rates prompted more people to opt for air travel. Shares of the airline rose 3.2% to $21.66 in premarket trade as it said it reduced its cash burn rate to about $27m a day in Q1, compared with $30m in the previous quarter. Demand for air travel is expected to pick up as more people receive vaccines, leading to a drop in COVID-19 infection rates and hospitalizations. “Looking forward, with the momentum underway from the first quarter, we see signs of continued recovery in demand,” CEO Dough Parker said. The company posted a net loss of $1.25b, or $1.97 per share, for the quarter ended March 31, compared with a loss of $2.24b, or $5.26 per share, a year earlier. On an adjusted basis, the company lost $4.32 per share.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2021-04-23/oneworld/american-airlines-loss-narrows-as-travel-demand-picks-up
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American Airlines loss narrows as travel demand picks up
American Airlines Group reported a smaller quarterly loss on Thursday as rising vaccination rates prompted more people to opt for air travel. Shares of the airline rose 3.2% to $21.66 in premarket trade as it said it reduced its cash burn rate to about $27m a day in Q1, compared with $30m in the previous quarter. Demand for air travel is expected to pick up as more people receive vaccines, leading to a drop in COVID-19 infection rates and hospitalizations. “Looking forward, with the momentum underway from the first quarter, we see signs of continued recovery in demand,” CEO Dough Parker said. The company posted a net loss of $1.25b, or $1.97 per share, for the quarter ended March 31, compared with a loss of $2.24b, or $5.26 per share, a year earlier. On an adjusted basis, the company lost $4.32 per share.<br/>
