Business
American Airlines Group Reports First-Quarter 2020 Financial Results
FORT WORTH, Texas, April 30, 2020 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its first-quarter 2020 financial results,
About this update from American Airlines Group, Inc.
[{"type":"text","content":"FORT WORTH, Texas, April 30, 2020 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its first-quarter 2020 financial results, including:\n First-quarter net loss of $2.2 billion, or ($5.26) per share. Excluding net special items1, first-quarter net loss of $1.1 billion, or ($2.65) per share.Ended first quarter with $6.8 billion of available liquidity and expects to end second quarter with approximately $11 billion of liquidity. “Never before has our airline, or our industry, faced such a significant challenge,” said American Airlines Chairman and CEO Doug Parker. “True to fashion, the American Airlines team has done a phenomenal job taking care of our customers and each other during such difficult and often heartbreaking times. We are incredibly proud of their selflessness and dedication to others. “We have moved quickly and aggressively to reduce our costs and bolster our liquidity,” Parker continued. “We are particularly grateful for the $5.8 billion in financial assistance American will receive through the Payroll Support Program, and we appreciate the bipartisan congressional and U.S. Department of the Treasury and Department of Transportation support to protect airline jobs and ensure a strong and competitive U.S. airline industry. “We have a lot of difficult work ahead of us. And while there is still uncertainty in what’s to come, we are confident that through the dedication of the American Airlines team and our swift actions, we will get through this for our team, our customers and our shareholders.” COVID-19 responseIn response to the precipitous drop-off in demand, American has acted quickly to take care of its team members, customers and communities; reduce costs; and improve its liquidity position. Taking care of team members, customers and communitiesCaring for team members, customers and the communities American serves remains at the heart of the airline’s actions in the first quarter. To ensure the safety of team members and customers, American: Enhanced its cleaning procedures through expanded fogging and the use of an EPA-approved disinfectant in high-touch areas.Purchased face masks for frontline team members and made them required for flight attendants starting May 1.Began distributing sanitizing wipes or gels and face masks to customers. This will expand to all flights as supplies a...