American Airlines expects first-quarter earnings to plummet 62% compared to 2019

American Airlines lost about $ 2.7 billion to $ 2.8 billion on Tuesday, with first-quarter sales plummeting about 62% compared to the same period in 2019, excluding profits from payroll support programs. He said he expected to account for it.

The company previously predicted a 60% to 65% decline.

At the beginning of the quarter, the airline postponed the delivery of Boeing and 18 Boeing 737 MAX aircraft to the previous targets of 2021 to 2022 to 2023 and 2024, and 787 five 787-8 aircraft. -9 An agreement has been reached to convert to an aircraft.

American Airlines currently forecasts a quarterly average daily cash burn rate of approximately $ 27 million per day, compared to a previous forecast of $ 30 million.

American Airlines said in a regulatory filing that its cash burn rate turned positive in March, with the exception of regular debt principal and cash severance pay payments of about $ 8 million per day.

The total liquidity available is approximately $ 17.3 billion and is expected to end the first quarter.

By Shreyasee Raj

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